France and Belgium announced on Sunday they are seizing the bank, which has about $700 billion in investments
If you want to watch what it looks like when a huge bank fails, you can watch it happen here:
http://www.dexia.com/EN/Pages/default.aspx
If I followed it correctly, they had losses of a bit over $4 billion euros in the 2nd quarter (a little more than $5 billion USD)