Fifth Third Bank, saved from failure by gov’t welfare, buys up other failing banks.

Noted welfare queen Fifth Third Bank needed that 3.4 BILLION dollars in free money from US taxpayers sooo badly that it has since been described as a “major acquirer of failed institutions.”

Hey, Fifth Turd, maybe you should think about paying back the American taxpayer before you go on a drunken-sailor spending spree buying up other shitty banks to apparently add to the general shitty-ness of your own bank.  The bailout wasn’t about giving you enough liquidity to buy up your competitors, it was to keep you from failing and keep you lending to your community.  Being run by idiots apparently got in the way of that goal.

Pay back the fucking money, welfare queen, or at a minimum stop acting like a bank that is successful and get your goddamn act together.  You’re an embarrassment, and you’re now just a leech on the hard-working taxpayers of this country.  You should be put down like one of the lame horses that you apparently love to invest in and lavish with sponsorship money.

In the fourth quarter of 2009, the number of banks on the FDIC’s list of problem institutions grew to 702 from 552 in the third quarter. This is the highest since the savings and loan crisis in 1994.

Increasing loan losses on commercial real estate are expected to cause hundreds more bank failures in the next few years. The FDIC anticipates bank failures to cost about $100 billion over the next three years.

The failure of Washington Mutual in 2008 was the largest in U.S. banking history. It was acquired by JPMorgan Chase (JPM: 45.51 -0.04 -0.09%). The other major acquirers of failed institutions since 2008 include Fifth Third Bancorp (FITB: 14.30 +0.10 +0.70%), U.S. Bancorp (USB: 27.56 +0.11 +0.40%), Zions Bancorp (ZION: 25.14 -0.39 -1.53%), SunTrust Banks (STI: 28.83 +0.35 +1.23%), PNC Financial (PNC: 63.71 +0.69 +1.09%), BB&T Corporation (BBT: 33.88 +0.12 +0.36%) and Regions Financial (RF: 8.26 -0.04 -0.48%).

We expect loan losses on the commercial real estate portfolio to remain high for banks that hold large amounts of high-risk loans.


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