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Deals for Failed Banks Puts U.S. on Hook for Billions

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"As financial markets heal and the economy appears to be pulling out of recession, the federal government is shifting from crisis to cleanup mode," the Wall Street Journal reports. "So far, the FDIC has paid out $300 million to a handful of banks under the loss-share agreements." The FDIC had $10.4 billion in its deposit-insurance fund at the end of June, down from more than $50 billion last year," the newspaper said. Meanwhile, the FDIC said last week it had 416 banks on its "problem" list at the end of the second quarter.