Fleet bank about to get what it deserves?

Fleet Bank is heavily invested in Argentina—where the economy has collapsed, and Fleet is having to restrict customers to withdrawing less than $1000 a month.

Meanwhile, Fleet has taken a hit of $1.8 billion to cover the money it’s lost in South America, with an overall loss of $507m in 4Q2001. That’s half a billion dollars worse than they predicted. Profits for the full year were down 75%.

Still, your account is FDIC insured, so if the bank goes belly-up the federal government will bail you out. Eventually.

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