The results of Republican economic
stewardship malfeasance, left for others to clean up:
The number of troubled banks rose to 552 at the end of September from 416 at the end of June and 305 at the end of March, the FDIC said in its third-quarter report. This is the largest number of banks on its “problem list” since the end of 1993.
The FDIC’s Deposit Insurance Fund, which is used to protect depositors, swung to an $8.2 billion loss in the third quarter, the largest drop since the savings-and-loan crisis of the 1990s. As a result of the loss, the agency was forced to dip into its contigency fund, which has dropped to $30.7 billion from $38.9 billion.