An increasing number of banks are missing their payments to the government under the federal bailout plan, Reuters reports.
As many as 91 banks and thrifts missed the last scheduled payment on May 17, according to Treasury Department statistics compiled by the financial information company SNL Financial. It was the third straight quarter in which the number of banks missing their payments to the Troubled Asset Relief Program (TARP) increased. Of those 91 banks, 23 missed their quarterly dividend payments for the first time last month.
The TARP program was created in 2008 to stabilize the financial system. The U.S. Treasury has committed more than $500 billion in more than 800 firms through TARP and so far has received about $194 billion from 82 firms, the Wall Street Journal reports.