There will be focus today on the FDIC's "problem list," which will be included in the FDIC's Quarterly Banking Report for the second quarter of 2008. It will be released at 3 p.m.
The FDIC does not name names with respect to the problem list for fear of inciting bank runs, and I believe from what I can recollect from comments from Sheila Bair, the head of the FDIC, that it is against the law to do so, for obvious reasons.
Focus should be placed on not only the number of banks on the "problem list" but the tally of assets, which could reveal whether or not a big bank has been put on the list. Here are the FDIC's remarks regarding its "problem list" from Q1.
"The number of institutions on the FDIC's 'Problem List' increased from
76 to 90 in the first quarter. Total assets of "problem" institutions rose from $22.2 billion to $26.3 billion.
This is the sixth consecutive quarter that the number of "problem" institutions has increased, from a historic low of 47 institutions at the end of third quarter 2006. The current level represents the largest number of institutions on the list since third quarter 2004, when there were 95 "problem" institutions."
P.S. Will you be there when Cramer makes his next move?
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Tony Crescenzi Blog FOMC Minutes on Tap 8/26/2008 1:02 PM EDT The minutes of the Aug. 5 should provide clarity on the prospects of a rate hike.
Tony Crescenzi Blog New Home Supply Plunges 8/26/2008 10:39 AM EDT This appears to be the largest monthly drop on record.
Tony Crescenzi Blog Case-Shiller Stabilizing 8/26/2008 9:35 AM EDT This reading is at odds with a separate government measure of home prices.
Tony Crescenzi is the chief bond market strategist at Miller Tabak + Co., LLC, and advises many of the nation's top institutional investors on issues related to the bond market, the economy and other macro-related issues. At the request of the Federal Reserve, Crescenzi is a regular participant in the board's Livingston Survey of economic forecasters. He is also the author of the revised investment classic, The Money Market,
first published in 1978 by Marcia Stigum, and The Strategic Bond Investor. At the time of publication, Crescenzi or Miller Tabak had no positions in the securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Crescenzi also is the founder of Bondtalk.com, a popular Web site covering the bond market and the economy. Crescenzi appreciates your feedback; click here to send him an email.
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