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FDIC Hits Record "Default" Level As Deposit Insurance Fund Plunges By $12.7 Billion To NEGATIVE 20.9 Billion

Tyler Durden's picture


From Dow Jones:

The U.S. banking industry continued to struggle in the fourth quarter, as the number of banks on the brink of failure continued
to rise and the government's fund to protect deposits fell sharply into the red.

The Federal Deposit Insurance Corp. said Tuesday that its deposit-insurance fund fell to $20.9 billion at the end of 2009, a $12.6 billion drop in the final three months of the year, as bank failures continued at a pace not seen since the savings and loan crisis. The fund's reserve ratio was -0.39% at the end of the quarter, the lowest on record for the combined bank and thrift fund.

The deposit insurance fund is unlikely to soon see a respite from a decline in the number of failing banks: The FDIC said the number of banks on its "problem" list climbed to 702 at the end of 2009 from 552 at the end of September and 252 at the end of 2008. The number of banks on the list, which have combined assets of $402.8 billion, is the highest since June 1993.

"The continued rise in loan losses and troubled assets points to further pressure on earnings," FDIC Chairman Sheila Bair said in a statement. "The growth in the numbers and assets of institutions on our 'Problem List' points to a likely rise in the number of failures."

Industry indicators deteriorated nearly across the board. The FDIC said loan losses for U.S. banks climbed for the 12th straight quarter, while the total loan balances for U.S. banks continued to fall. The agency said the quarterly net charge-off rate and the total number of loans at least three months past due both were at the highest level ever recorded in the 26 years the data have been collected.

Net charge-offs of troubled loans occurred across all major loan categories, led by a $3.3 billion increase in residential mortgage loans. The FDIC said U.S. banks' coverage ratio--reserves divided by the amount of noncurrent loans--fell to 58.1% in the fourth quarter from 60.1% in the third quarter.

The FDIC did cite some reasons for optimism. The banking industry was able to report a modest profit of $914 million in the fourth quarter, compared with a record loss of $37.8 billion in the final three months of 2008. And while the largest banks were the beneficiaries of much of the earnings improvement, the agency said more than half of FDIC-insured banks saw a year-over-year improvement in their net income.

Banks' profits were helped by improvements in trading revenue, which totaled $2.8 billion the fourth quarter, and servicing income, which represented a gain of $8.0 billion. The FDIC also said that more than half of all banks reported higher net interest margins in the fourth quarter compared with third-quarter levels.

"Resolving these credit market dislocations will take time," Bair said, describing banks as "bumping along the bottom of the credit cycle."

Here is the full abysmal Q4 FDIC report.


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Tue, 02/23/2010 - 11:20 | 241480 tenaciousj
tenaciousj's picture

Ahhh, I love the smell of financial collapse in the morning.

Tue, 02/23/2010 - 13:17 | 241705 hedgeless_horseman
hedgeless_horseman's picture


So without additional revenue beyond the regular assessments, current projections indicate that the fund balance will approach zero later this year. To be sure, we won't run out of money. We're 100 percent backed by the full faith and credit of the United States Government. No depositor has ever lost a penny on an insured deposit. And that is NOT going to change.

-Bobblehead Bair

Tue, 02/23/2010 - 14:20 | 241854 Mad Max
Mad Max's picture


Take your soma.

You will get paid 100 cents on the dollar in nominal terms.

Disclosure: long wheelbarrow makers.

Tue, 02/23/2010 - 14:42 | 241913 WaterWings
WaterWings's picture

Think horizontal integration. Long: wheat, yeast, ovens, bicycles, and wheelbarrows. "Home delivery available!"

Wed, 02/24/2010 - 08:05 | 242950 Anonymous
Anonymous's picture

I am intrigued by your position in wheelbarrow makers. What is the ticker symbols of the wheelbarrow makers you invest in?
Fresno Dan

Tue, 04/26/2011 - 13:34 | 1208290 william.smith61
william.smith61's picture

Control Arm
I can't say enough negative about...The Fed is telling a lot of lies to the market...

Sat, 05/21/2011 - 20:13 | 1299164 jibran
jibran's picture

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Tue, 05/17/2011 - 02:11 | 1282130 Karston1234
Karston1234's picture

The FDIC also said that more than half of all banks reported higher net interest margins in the fourth quarter compared with third-quarter levels. online ged

Tue, 02/23/2010 - 14:43 | 241917 Fox Moulder
Fox Moulder's picture

So who is supposed to take over the FDIC when they are insolvent?

Thu, 02/25/2010 - 12:33 | 244973 Anonymous
Anonymous's picture

Amen! Absolutely the 'must have' flavor to go with a
freshly ground cup of imported coffee (while it lasts)!

Tue, 02/23/2010 - 11:21 | 241481 Cognitive Dissonance
Cognitive Dissonance's picture

The FDIC must "go to the well" for more money, only once there they will find sour water at best. Once they begin borrowing money in earnest from the Treasury, any "independence" they might have had goes out the window.

The FDIC has now been deep captured by the rest of the Ponzi, assuming it wasn't already captured.

Tue, 02/23/2010 - 15:44 | 242034 Eternal Student
Eternal Student's picture

Agreed. But people are missing the main story here. About a year ago, the number of Bad Banks was about 300. The "27%" increase has only been since the last time they revised the numbers.

Year-over-Year the number of bad Banks has more than doubled.

There have been two good independent estimates of the number of bad banks out there. One was by Reggie Middleton (1300-2000), and I forget who did the other (2000-2500). These intersect at around 2000 bad banks, or about 25% of all the banks out there.

That's what I call deep capture.


Tue, 02/23/2010 - 16:07 | 242090 Cognitive Dissonance
Cognitive Dissonance's picture

I'm so inured to the spin that I don't even take notice any more how they manipulate the facts to distort and deceive since I already understand that they do. I watch closely each Busted Bank Friday for the real facts, when they must admit to the world that this or that sorry piece of s**t bank must finally taken be off the heart/lung machine and laid to rest. Thanks for the reminder.

BTW, there is no such thing as a "bad" bank, just a deeply misunderstood bank.

Tue, 02/23/2010 - 11:22 | 241487 Stuart
Stuart's picture

Ya, go ahead guys, raise rates now!   Thinking we're nearing a Dirty Harry moment here...  Do ya feel lucky, punk?

Tue, 02/23/2010 - 11:24 | 241492 P Rankmug
P Rankmug's picture

Whatever you do don't tell the market.  It might sell off if news ever leaked out that our entire financial structure is a joke of a facade.

Tue, 02/23/2010 - 11:25 | 241495 Mad Max
Mad Max's picture

Negative $20 billion is the "new" positive $100 billion.

Hey, springtime is coming!

Tue, 02/23/2010 - 11:27 | 241503 tenaciousj
tenaciousj's picture

-20 billion isn't that bad.  Just multiply by -1, and voila!

Tue, 02/23/2010 - 11:56 | 241544 Mad Max
Mad Max's picture

I'm eagerly awaiting a Congressional blue-ribbon committee on "experimental accounting."

Tue, 02/23/2010 - 13:35 | 241764 economessed
economessed's picture

Didn't you hear?  Accounting is being added to the X-Games in 2010.  It is the newest extreme sport -- all the kewl kids are doing it.

Tue, 02/23/2010 - 15:11 | 241963 carbonmutant
carbonmutant's picture

That and Pole Dancing...

Tue, 02/23/2010 - 12:13 | 241580 gold_tracker
gold_tracker's picture


Give this man a job!

Tue, 02/23/2010 - 12:16 | 241591 Anonymous
Anonymous's picture

...a simple solution in the age of electronic currency...just move the decimal one space to the left on on all my debts and one space to the right on all my savings...two spaces will solve the problem even faster. Leverage to three spaces and we're back in the high life again...Right?

Necesito Oro y Plata

Tue, 02/23/2010 - 11:59 | 241555 Clampit
Clampit's picture

Good thing this is denominated in fiat currency, otherwise those negative balances might be "difficult".

Tue, 02/23/2010 - 13:26 | 241738 percolator
percolator's picture

One of us has got to change our avatar.

Tue, 02/23/2010 - 13:28 | 241739 percolator
percolator's picture

double post

Tue, 02/23/2010 - 13:30 | 241743 MarketTruth
MarketTruth's picture

Hey, springtime is coming!

Springtime for Hit___ and Germany... as they try to save Europe (instead of destroy it) this time around. In both situations the outcome was not pretty.

Tue, 02/23/2010 - 11:26 | 241497 LoneStarHog
LoneStarHog's picture

FDIC...But...But...Suze "The Big O" Orman said.....

Tue, 02/23/2010 - 11:26 | 241500 Anonymous
Anonymous's picture

Got cash?

Tue, 02/23/2010 - 11:39 | 241519 Going Down
Going Down's picture


Got C?


Tue, 02/23/2010 - 11:30 | 241507 Anonymous
Anonymous's picture

The real economy is in a downward spiral. The legendary market analyst, Charles Biderman, believes that the only thing holding it up is the PPT. I agree 100%. When the dense market players like the mutual fund managers and Barry Ritholz figure this out, the market will plunge.

Tue, 02/23/2010 - 13:36 | 241769 spekulatn
spekulatn's picture

Well said, #241507.

Tue, 02/23/2010 - 11:34 | 241516 besodemuerte
besodemuerte's picture matress is now the best place for my money it seems.

Tue, 02/23/2010 - 11:43 | 241526 Cognitive Dissonance
Cognitive Dissonance's picture

Your "money" is simply very nicely printed pieces of paper which are being rapidly debased. Or printed digits on a statement. Nothing more, nothing less. The illusion is that there is value to be found in those greenbacks. This illusion is perpetuated by you and I, who continue to pass paper to each other in the hope we will receive "real" things for our (worthless) currency. It is you and I who determine the ultimate value of these green rags. And we are rapidly loosing confidence.

Based upon the 94% drop in value since the Fed was created and the volume of electronic "money" being created on a daily basis, those pieces of paper are not safe anywhere.

Tue, 02/23/2010 - 14:16 | 241848 Shameful
Shameful's picture

It's a mad dash to trash cash! Any idea on if they will just freeze electronic banking? We have never seen a currency collapse when most of it was digital. I really wonder how it will work out since most exchanges are done either with credit or debit cards. I get the feeling we will just have a collapse of buying and selling. After all credit cards will be a terrible business if they can't collect immediately and have to wait till months end and if there is a "grace period" for full payment. If nothing else it will give history an answer as to what happens when a digital exchange system collapses.

Tue, 02/23/2010 - 16:15 | 242101 Cognitive Dissonance
Cognitive Dissonance's picture

"Any idea on if they will just freeze electronic banking?"

I've been giving a lot of thought to this very question and the short answer is "I don't know" since the very fact that it's electronic means the distortions and manipulations are endless. Who knows what they could come up with, particularly when you recognize that the average Joe will ultimately want the collapse to stop. Meaning that the average Joe will accept anything, regardless how absurd or outrageous, if the powers that be promise to stop the collapse.

Once you become dependent upon the drug, you will kill for it.

Tue, 02/23/2010 - 11:52 | 241534 Anonymous
Anonymous's picture

Should I get out a couple thousands of my SunTrust and Banco Popular now and put it in the mattress?? I mean, is it that bad? I'm 45% Cash (at bank), 20% Gold(phy), 30% Silver(phy), 5% Stocks (emerging) and then my 401k in money market that i cannot remove. ANy suggestions?

Tue, 02/23/2010 - 12:56 | 241654 Anonymous
Anonymous's picture

It sounds like you have the right idea - except for the cash part. Perhaps another currency instead of the USD?

- Medic

Tue, 02/23/2010 - 13:24 | 241732 Anonymous
Anonymous's picture

you fucking hold cash?

What are acting like an idiot.

Here is what you do to not get FUCKED.

Take cash-> Buy more physical, get it.

Not hard, and you ain't stupid, so why the FUCK are you still owning a significant cash hoard. (You think gold and silver OR cash is going to be worthless at the end of all this, come-on, think, you can do it, which one?)

Tue, 02/23/2010 - 16:23 | 242112 Anonymous
Anonymous's picture

How elegant.

Tue, 02/23/2010 - 13:48 | 241768 seventree
seventree's picture

FDIC covered bank deposits are as safe a place for cash as you will find these days. Their fund will never be allowed to run dry because that would trigger an old-fashioned run on thousands of real banks, simply not an option. Of course, guaranteeing savings with manufactured money ultimately dilutes the value of those very savings, but the same thing would happen to dollars in mattresses or HTM Treasuries.

Edit: I am similarly positioned re cash vs PMs. As you can see above, lots of folk think it foolish to have any cash. They may be right, but I don't have the nerve to pile everything into gold/silver. I am already in retirement and trying to protect my future. Logically PMs should counterbalance whatever happens to dollars, but even logical investments could remain irrational longer than I can hold my breath.

Tue, 02/23/2010 - 13:02 | 241667 curbyourrisk
curbyourrisk's picture

It is the only place......not the best place.


The bet place is in my mattress....

Tue, 02/23/2010 - 11:40 | 241520 Anonymous
Anonymous's picture

Wall Street Welfare - Crank up the press, we've got bonuses to steal!

Tue, 02/23/2010 - 11:40 | 241521 sodbuster
sodbuster's picture

Move along people- everything is fine. Ignore those corpse's by the wayside. Your mattress probably IS the best place for your money- pays about the same return,too.

Tue, 02/23/2010 - 11:54 | 241537 Anonymous
Anonymous's picture

- 1%/yr roughly, right?

Tue, 02/23/2010 - 12:49 | 241637 sodbuster
sodbuster's picture

I am more concerned about the return OF my money than the return ON my money. --Mark Twain

Tue, 02/23/2010 - 14:58 | 241945 i.knoknot
i.knoknot's picture



Tue, 02/23/2010 - 11:53 | 241535 Coming Down in ...
Coming Down in Powdery Sparks's picture

Don't they by law have to have something like 1.5% of covered assets in the DIF?  Isn't there a penalty for not following the law?  If not, why have the law in the first place?


Tue, 02/23/2010 - 11:55 | 241542 RSDallas
RSDallas's picture

"bank failures continued at a pace not seen since the savings and loan crisis."


I'll re post this here. 

I had a discussion with a friend of mine yesterday who has been trying (for some time now) to purchase non performing residential real estate properties (lot's & homes) from the local lending institutions in and around Dallas, Texas.  He told me that asset managers at the banks are all telling him that they are sattisfied in sitting back and collecting interest payments from those who can pay even though they know that the property is underwater and is likely to stay materially impaired.

The bankers are also not requiring their clients to put up additional equity.  He tells me that this is happening because the regulators are NOT requiring the banks to take any action on any properties as long as the clients are making interest payments, which by the way have often been set well below market rates. 

He tells me that the bankers are just waiting for a recovery.  "Houston, we have a problem!"  Herein lies our challenge going forward folks.  This Case Shiller graph could look like this for years and years to come.  Especially when you recognize that the financial institutions and regulators are applying this strategy to all assets, land, office buildings, homes, apartments and on and on and on. 

I just don't get it.  I was just entering the real estate business in the late 80's when the Resolution Trust Company was formed to handle that Real Estate bust, which was also impacted by the Oil industry. Anyway, what I do remember was that the regulators and FDIC weren't screwing around and letting the S&L's keep the crap on their books.  They were liquidating that crap and closing down the S&L's as fast as they could, or it at least appeared that way.  The Nation (and Texas where a lot of damage was done) did just fine during this period of mass liquidation.  Was it painful for some?  You bet it was and rightly so, it should have been.  It's no different this time in that some stupid lenders made a lot of stupid loans to a lot of stupid buyers. 

The RTC worked then, so why is the FDIC and the White House choosing the "kick the can" approach?

Tue, 02/23/2010 - 15:27 | 241998 carbonmutant
carbonmutant's picture

My experience with the Dallas and Austin Market over the last 12 months is that the Banks are no longer in the lending business. They're in the investment business and lending to residential buyers has more risk than they are willing to assume. They simply don't trust the appraised value of the collateral.

And in most markets the banks are focused on cash deals.

Tue, 02/23/2010 - 11:56 | 241545 Anonymous
Anonymous's picture

don't worry there is a $100B line from Treasury...or has that been cut yet..

Tue, 02/23/2010 - 11:57 | 241547 Anonymous
Anonymous's picture

The ONLY thing worse than welfare for the poor is welfare for the rich.

Bankers have reached a new low on the anus of humanity.

The next monetary injection will come as a suppository to taxpayers just like the last.

Until thousands end up behind bars there will be no recovery, you bulls are idiots with too much risk in your panties.

Tue, 02/23/2010 - 12:01 | 241563 Astute Investor
Astute Investor's picture

"The faster you fall behind, the more time you have to catch-up."

- Glenn Celentano -

Tue, 02/23/2010 - 12:10 | 241572 Postal
Postal's picture


No problem! Things are great, CNBC said so...


Tue, 02/23/2010 - 12:55 | 241653 bugs_
bugs_'s picture

Sheila the cupboards bare!

Call out for pizza!

Tue, 02/23/2010 - 13:19 | 241712 AnonymousMonetarist
AnonymousMonetarist's picture

Can't decide what would make the best t-shirt ...

'Bumping along the bottom!'

'Mark it Gyro!'


'Bair down!'

Tue, 02/23/2010 - 13:28 | 241740 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

This is the apex!  Inflation or deflation BIG now!

Tue, 02/23/2010 - 14:33 | 241888 Miyagi_san
Miyagi_san's picture

13% on the "problem list" have gone there

Tue, 02/23/2010 - 14:47 | 241927 Anonymous
Anonymous's picture

I have long said that ultimately every bank in America will fail and be incorporated into the JPMorgan/Chase conglomerate, including ultimately BOA , which will be the last shoe to drop.

At that time, you will be assigned a blood sugar powered RFID implant gizmo with a cyanide blob that can be dispensed on command by satellite signal, along with heart rate monitors, GPS, temperature sensor, blood sugar analysis and other neat stuff to remotely monitor your wellbeing. Probably a microphone too. It might even feature some kind of neural interface system that can cause you to wince if anyone says anything negative about the government.

This is our destiny. This is sparta!


Tue, 02/23/2010 - 15:45 | 242042 Ned Zeppelin
Ned Zeppelin's picture

If you are really convinced that that day will soon come when USDs are no longer an acceptable currency, gold won't help you either.


Tue, 02/23/2010 - 15:51 | 242045 delacroix
delacroix's picture

RFID's have short range, but I'm sure there is more sophisticated tech, in the works.   USD's may be accepted for a long time, it will just take increasingly more, to purchase the same item. what's the alternative?                                                                                                                                                                                                                                                                                                                                                                                

Wed, 02/24/2010 - 13:07 | 243345 Anonymous
Anonymous's picture

Intel starting making chips for the President, Regan was the first to have it implanted, I now the guy who designed it-

Wed, 02/24/2010 - 10:03 | 243012 Anonymous
Anonymous's picture

Headline says NEGATIVE $20.9 billion, but article doesn't use the word NEGATIVE..?

Wed, 02/24/2010 - 21:14 | 244249 Anonymous
Anonymous's picture

What's the the best "FIXED FINITE NON-MANUFACTURE-ABLE INVESTMENT" in the USA, that can't be duplicated or taken from you? It's also insurable, rent-able, simple, in destructible, low to no maintenance, beautiful, serene, infinite, fixed, not physically removable, can be abused with fun, cars, guns, explosions, motorcycles, jet skis, boats, dune buggies, quads, and monster trucks? Yup, it's land! I have bought and sold over 17,000 acres in over 450 transactions. If you buy at the bottom and sell at the top you can average over 49% a month! Yup! I bought 300 parcels and sold 198 of them from 2000-2007. My average GROSS PROFIT WAS 1165% and my average HOLD was only 23.67 months! I am now buying land at 1-6% of what I sold it for. At 5 cents on the dollar, that's 1900% profit. At 10 cents on the dollar that's 900% profit. You can do the same but in smaller amounts. My goal in California is 25,000 acres, enough to put me in the elite Forbes 500 by 2019.

Thu, 02/25/2010 - 01:03 | 244545 Anonymous
Anonymous's picture

Before 1930s, your birth certificate was the church's mark in your family Bible. Then you got a live birth certificate from the government. This was your articles of incorporation, your name changed from the first letter being capitalized to ALL CAPS on your birth certificate, ssan, and driver's license, for all those debts or the national deficit, your labors, property and taxes were pledged. So we are now slaves of the corporation UNITED STATE OF AMERICA, not the United State of America, to the Bankers of the FEDERAL BANK RESERVE. As a slave, you own no property as such. YOU can be killed, and all your property taken at their pleasure, we live in a fictive world right now. The laws support the legal fictions and we are not in reality owners of our own body or labor. Think about it, your land is some one elses property, as you are some one elses slave. We don't own anything, unless we opt of this system as a sovereign, independent, free man on the land, whereby corporate laws do not apply to sovereigns. Google it.

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Wed, 02/23/2011 - 02:30 | 987776 shawnlee
shawnlee's picture

RFID's have short range, but I'm sure there is more sophisticated tech, in the works. USD's may be accepted for a long time, it will just take increasingly more, to purchase the same item. what's the alternative?

Same query,

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Wed, 04/20/2011 - 05:54 | 1187243 shawnlee
shawnlee's picture

RFID's have short range, but I'm sure there is more sophisticated tech, in the works. USD's may be accepted for a long time, it will just take increasingly more, to purchase the same item. what's the alternative?

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