Monday, December 21, 2009;
The Federal Reserve did not prepare some large banking companies to weather the financial crisis. The 10 largest U.S. retail banking companies on the eve of the financial crisis:
1. Citigroup -- The Fed let it gamble beyond its means, allowing the company to circumvent basic regulations requiring banks to hold capital reserves against unexpected losses.
2. Bank of America -- Needed more than $45 billion in federal aid.
3. J.P. Morgan Chase -- Among the healthiest large banks.
5. Wells Fargo -- Just a few bumps and bruises.
6. U.S. Bancorp -- Perhaps the healthiest large bank.
7. SunTrust Bank -- Hasn't made a profit since crisis began.
9. National City -- Fed officials repeatedly gave the company clean bills of health even as losses on its vast portfolio of subprime loans started to pile up.
10. Regions Financial -- Mired in real estate lending losses.