Banks and saving institutions in the US appear headed for their first overall quarterly loss since 1990, as troubled loans pile up faster than the federal government's unprecedented efforts to aid the battered industry, a media report said.
The Federal Deposit Insurance Corp, a government agency that tracks and is often named receiver for distressed banks, said the number of insured institutions on the its 'problem list' increased from 117 to 171, and the assets of 'problem' institutions rose from $ 78.3 billion to $ 115.6 billion during the quarter. This is the first time since the middle of 1994 that assets of 'problem' institutions have exceeded $ 100 billion, it noted.
'Clearly, the depositors of cooperative banks need the maximum protection.'
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
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