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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Citigroup ( C ) Bailout - Rescue 11/24/08

Citigroup ( C ) stock is set to open at $5.15 per share, or up around 35%, 11/24/08 as the Government has stepped in and bailed out this company.

• Federal officials will back the bank in the case of losses on about $306 billion of loans and mortgage-backed securities, while the Treasury Department has agreed to inject an additional $20 billion into the firm.
  
• Treasury and the FDIC will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet
  
• As a fee for this arrangement, Citigroup will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan

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