BUSINESS BRIEFING / REGULATION
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The Federal Deposit Insurance Corp. fell short in correcting deficiencies at four U.S. banks before they were seized last year at a cost of almost $1 billion to the deposit insurance fund, the agency’s inspector general said.
The regulator didn’t sufficiently help the lenders avoid risks before they collapsed in August and September, the agency’s watchdog said in separate reports posted on the FDIC website. The four banks seized in Florida, Georgia, Kansas and Nevada cost the FDIC’s insurance fund $933.5 million, or 2.78% of total costs for 2008.
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