Monday, March 24, 2008

Why the FDIC is hiring

About a month ago, it was widely reported in the media that the FDIC was going on a hiring spree. WSJ explains why:

Regulators are bracing for well over 100 bank failures in the next 12 to 24 months, with concentrations in Rust Belt states like Michigan and Ohio, and the states that are suffering severe housing-market problems like California, Florida, and Georgia
I was skimming through the FDIC website and came across some humbling figures. No wonder the FDIC is worried.

And the number of problem institutions is increasing:
Fasten your seatbelts people; 2008 is going to be an interesting year...

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