Banks in Trouble – FDIC Problem Bank List Continues to Grow
Source: Rebel Traders
Remember earlier this year when Europe ran their stress test. It was claimed then that the European banks were ‘just fine’. We now know it was completely bogus as Ireland is in near total default and credit default swaps are yet again rising quickly for other European nations.
With regard to the American banks the problem bank list that the FDIC keeps tabs on still continues to grow.
The number of banks on the Federal Deposit Insurance Corp’s confidential “problem” list grew over the summer even while the overall industry posted solid net income.
The FDIC says its list of troubled banks rose to 860 in the July-September quarter from 829 in the previous quarter.
At the same time, the FDIC says banks earned $14.5 billion during the third quarter. That was a decrease from the previous quarter’s result of $21.4 billion, but well above the $2 billion banks earned a year earlier.
The FDIC says banks set aside less money to cover future loan losses than at any time since the October-December quarter of 2007, before the financial crisis. Fewer borrowers were behind on payments for credit cards and construction loans. [...]
The number of banks on the agency’s “problem list” grew from 829 to 860, which is the highest number since March of 1993 when there were 928 institutions on the list. [...] (CNBC)
The FDIC did their best to paint this as good news. Bull crap, the financial institutions in the United States are crap and my best advice is to stay away from U.S. banks. There is just way too many unknowns surrounding the banks and what they are holding… and how they are marking it on their books!
Investing in U.S. banks is in my opinion nothing more than a trip to your local casino.
Banks in Trouble – FDIC Problem Bank List Continues to Grow is a post from: Rebel Traders – Stock Market and Economic Analysis
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