But the agency still has some large bankrupt institutions to deal with in California, as well as several large ones that are marginally solvent.

Paradoxically, the Japanese Government recently began to allow the winnowing of bankrupt financial institutions.

The Government has taken over 472 bankrupt institutions and closed or sold 211.

By issuing notes, the bank board is able to restore a bankrupt institution to solvency without putting up any cash.

It is also on top of about $60 billion in short-term borrowing, which is to be repaid as regulators sell assets inherited from bankrupt institutions.

Whenever it cannot find a buyer for a bankrupt institution, it has to liquidate it and pay off insured depositors.

How much of that will the Government recoup when, if at all, these bankrupt institutions are sold off?

After those few months elapsed Obama will join the club of devils other presidents became among the ardent supporters of this morally bankrupt has been institution.

Vast amounts of tax income have gone into public works projects, while other tax billions have been used to prop up debt-ridden, essentially bankrupt financial institutions.

"If not," he wrote, "we face an unending future of violence and the platitudes from tired and bankrupt political institutions."