Friday Night is Bank Failure Night Again - 3 More US Banks Collapse

Federal regulators closed three banks in a single day Friday, as the ongoing credit crisis showed no signs of abating. Utah's MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations. The FDIC later said it has also closed Maryland-based Suburban Federal Savings Bank, and Florida's Ocala National Bank.
From MarketWatch.

With what is becoming tedious and worrying regularity Friday Night is Failure Night. Regulators always seem to choose Friday night after the markets have closed and people are generally going home hoping to enjoy their weekend.

The market timing is obvious; with the Dow dipping below 8000 again three bank failures would probably have spread further panic and a new low for this bear market. But what about those poor sods hoping to withdraw money to spend at the weekend. Hopefully they can still get their money quickly.

This bear market is far from over, however much some journalists are trying to pump it up. This is also time to check once again how much the FDIC is insuring and to implement your own insurance policy by spreading your money across more than one bank.