98 American banks that received $4.2 billion in bailout money are teetering on the edge of collapse, according to the Wall Street Journal.
In Q2 the number of unsound banks numbered 86; the increase to almost 100 institutions – most of which are smallish banks with about $439 million in assets – comes as a result of decreasing capital and more bad loans.
Also, unlike the big banks, which basically had access to liquidity from the federal government whenever they wanted during the crisis via various emergency lending facilities, these smaller banks received only TARP funds.
There are 860 financial institutions on the FDIC’s official list of problem banks.
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