Problem Bank list FDIC 2/26/09 February 26, 2009

Today, 2/26/09, the FDIC released a list of data on the problem banks in the USA. Below are some facts about the 4th quarter of 2008 regarding the banks. Keep in mind, the actual problem bank list is not published and is kept private to avoid a " run on the bank."

• 252 Banking are on the problem bank list issued by the FDIC
• Up 32% from 3rd Quarter where there were 171 Banks on the list
• Banking Sector took record loss of 26.2 Billion in the 4th Quarter
• 25 Banks failed in 2008
• 14 Banks have already failed in 2009

The Stock Market has taken a dip on this news, the Dow Jones is trading around the 7286 closing low of 2002.

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Charlie Gasparino CNBC Banks 1/30/09

Charlie Gasparino of CNBC is reporting today, January 30, 2009, that the bad bank plan could be on hold. The stock market is dipping on this news, the Dow Jones is hovering above support around 8000.

The Bad Bank plan was for the Government to buy toxic bank assets and get them off the banks' books so that they can resume lending and start a new path to profits.

This bad bank plan news has rallied the stock market over the past week and this news combined with Obama's Wall Street bonus chatter is really starting to hamper the stock market.

Not news you want to hear on a Friday afternoon going into the weekend! If we close at the lows, look out below on Monday! I would not want to be in bank stocks right now.

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