This is a very serious problem. The banking problem may have eased for a handful of the largest banks (thanks to generous lifestyle-maintaining handouts) but for the broad majority of banks, problems continue. It's not a sustainable model to have 5 or 10 massively profitable banks and 1,000 losing money. The banking elite certainly put their money (and TARP money) to work for them in Washington, didn't they? The banking crisis is certainly not over today.
The latest report from the agency shows that more than 120 institutions - nearly all of them small banks - have missed their scheduled quarterly dividend payments, which is more than a sixth of the banks that received federal aid during the financial crisis.
In addition, five banks that received capital injections from the controversial $700 billion Troubled Assets Relief Program have failed altogether, making it highly unlikely that taxpayers will recover the nearly $3 billion poured into those institutions.
The Treasury report showed that at the end of August, a record six banks each missed six dividend payments. Saigon National Bank in Southern California has missed seven.
