FDIC Says 702 Banks Now in Danger of Collapse

In the wake of the worst financial crisis since the Great Depression, the government agency that insures bank deposits announced today that 702 banks are on the brink of failure, the most in the last 17 years. The Federal Deposit Insurance Corporation, in its report for the fourth quarter of 2009, said 702 banks are on their so-called "Problem List" as of the end of last year, a 27 percent increase from the end of the third quarter. Both the 702 banks and their combined $402 billion in assets...Full Story