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The FDIC Is $8.2 Billion in the Hole

Posted Nov 24, 2009 12:26pm EST by John Carney in Newsmakers, Recession, Banking
Related: XLF, SKF, FAS, FAZ, JPM, WFC, ^DJI

From The Business Insider, Nov. 24, 2009:

The FDIC fund that insures bank deposits is $8.2 billion in the hole.

The Federal Deposit Insurance Corp. released its latest set of grim banking data moments ago. The FDIC had to set aside $21.7 billion for expected losses on future bank failures as the total number of "problem" banks rose to 552 from 416.

There were glimmers of hope. While bad loans continue to beat up bank balance sheets, revenues are returning to the banking sector. Overall, the banking sector was profitable after a $4.3 billion loss in the second quarter and saw just $879 million in earnings last year.

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