2009 Costliest Year Ever for Bank Failures

The Federal Deposit Insurance Corporation (FDIC) will sustain losses exceeding $36 billion owing to the 140 banks that failed in 2009, according to a new report issued by the Meridian Group of Companies.

By comparison, those losses will eclipse the total dollar amount of the losses the FDIC incurred during the six years spanning 1987 through 1992 (inclusive), when 1,049 banks failed at a total cost to the FDIC of $29.6 billion, the Meridian Group says.

Be sure to thank Barack Obama and Congressional Democrats for the wonderful job they've done with the U.S. economy.

2009 Costliest Year Ever for Bank Failures