Senator: FDIC’s Bair says 500 Banks Could Fail

“The banking industry is bracing for continued losses from consumer loans, considering the rising unemployment rate, and an expected wave of commercial real-estate losses. At a Senate Banking Committee hearing in Washington on Thursday, Sen. Jim Bunning, R-Ky., related a comment to him by Federal Deposit Insurance Corp. Chairman Sheila Bair that another 500 banks could fail “unless something dramatic happens.”"

http://www.forbes.com/2009/07/16/goldman-jp-mogan-business-wall-street-earnings.html

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