Friday, September 5, 2008

CNN’s Lou Dobbs Suffered Major Losses From Bank Collapse

CNN's Lou Dobbs, who promotes himself on his television show as something of an economic and financial genius, apparently wasn't bright enough to spread his money over more than one bank. That is, he didn't keep his balances at any one bank under $100,000 for full FDIC protection. Thus, it appears he will be taking major losses.

Atlanta Business Chronicle is reporting:

The failure of Alpharetta’s Integrity Bank has likely wiped out the investments of some notable Atlantans, including CNN anchor Lou Dobbs...

Integrity Bank, a subsidiary of Integrity Bancshares Inc., was taken over by the Federal Deposit Insurance Corp. on Aug. 2.

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