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Tuesday, Sep 02nd

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You are here News Of Special Interest FDIC adds 54 more banks to its 'problem list'

FDIC adds 54 more banks to its 'problem list'

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In the second quarter, 117 FDIC-insured institutions were on the list. Now, at 171, the number of institutions on the FDIC's "problem list" is at its highest level since late 1995.

"We've had profound problems in our financial markets that are taking a rising toll on the real economy," said FDIC Chairman Sheila Bair in a statement, adding that Tuesday's report "reflects these challenges."

Total assets held by troubled institutions climbed from $78.3 billion to $115.6 billion — a figure that suggests that the nation's top 20 banks aren't on the list, even though they are getting slammed, too, by the growing credit crisis. The FDIC does not reveal the institutions it deems troubled.

TVNL Comment: So we are to believe that every bank in the country made the same mistakes? We are falling for the second biggest scam in US history, the first being the incarnation of the Federal Reserve.

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