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Pam and Russ Martens: The three large banks that blew up were not on the FDIC's problem list
By Pam and Russ Martens
Wall Street on Parade
Monday, June 5, 2023
The second, third, and fourth largest bank failures in U.S. history occurred this year. And yet none of the banks that blew up were on the "Problem Bank List" that is prepared quarterly by the federal bank regulator that is supposed to be on top of these things -- the Federal Deposit Insurance Corp.
When the FDIC released its quarterly Problem Bank List for the quarter ending December 31, 2022, it showed just 39 banks were a problem with combined assets of a meager $47.5 billion.
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Given that rosy picture, one can understand the shock to the American people when Silicon Valley Bank blew up on March 10 with $212 billion in assets and had to be put into FDIC receivership. Two days later, on March 12, Signature Bank failed and was put into FDIC receivership. As of December 31, 2022, Signature Bank had $110.4 billion in assets. ...
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