The report card is out and Weiss Ratings is giving a near-failing grade to 20 of the nation’s largest banks, though the Jupiter-based company noted that 2,259 U.S. banks and savings & loans, controlling $5.8 trillion, or 43.8 percent of the industry’s total assets, are considered vulnerable.
“Major U.S. banks continue to be plagued by toxic assets and an inability to raise capital,” said Martin D. Weiss, chairman of Weiss Ratings, in a news release.
The slumping ratings come nearly two years after the federal government spent some $700 billion in TARP funds to bolster the banking industry.
Charlotte, N.C.-based Bank of America tops the list of banks receiving a D rating. BofA ranked second on the South Florida Business Journal’s list of largest banks as ranked by deposits.
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