Next On FDIC To-Do List: Take Over National City (NCC) And Sovereign (SOV)

We don’t mean to be alarmist, but it seems almost inconceivable that depositors at National City (NCC) and Sovereign (SOV) aren’t running for the hills.  WaMu’s depositors yanked $16.7 billion from WaMu in the 10 days after Lehman failed, and the stocks of NCC and SOV are doing an excellent WaMu imitation (see below).

The relevant FDIC staffers are probably still recovering from the all-nighter they just pulled on Citi-Wachovia, but we recommend they get their butts out to NCC and SOV before they have no choice but to put the shops into receivership.

Sovereign (SOV): TODAY

 

National City (NCC): LAST FIVE DAYS

See Also: OK, Hank, Time To Head Back To Drawing Board

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