Friday, May 21, 2010
775 Banks of FDIC 'Problem' List
The FDIC's list of 'problem' banks is at 775. So far this year, 72 banks have failed. Now only is the rate of failures increased compared to last year, but the pace has quicken in the last two months. Remember, we had 702 'problem' banks at the end of last year and that number is growing. The fact of the matter is that the system has not changed. The problems that plagued the banking system still exist and there has been no meaningful attempt to correct them. The derivatives mess is still a problem. The toxic assets aren't any healthier. The system is collapsing.