This list of troubled banks and lenders expands. Britain’s Northern Rock was nationalized last year after a run on the bank and just over a year later, it’s the UK’s Bradford & Bingley who are about to be taken over by the government. Also in talks this weekend is Fortis, a major European bank, who is seeking money to stay afloat. (Be cautious of any bank out there that offers interest well above the market norm because that suggests an urgent need for cash reserves.)

Who will be the next to fall? Phil Gramm’s UBS seems to be defying gravity considering their $38 billion write-downs but then again, maybe there are plenty of people out there who are willing to invest billions to cover years of financial losses. Just because it hasn’t worked elsewhere so far – as we witnessed with Lehmen, who failed and buyers moved in without buying old debt – doesn’t mean a miracle can’t happen.