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Published: August 27, 2008
Bad loans cut banks' earnings
WASHINGTON — Federal regulators say U.S. banking industry profits plunged by 86 percent in the second quarter.
Federal Deposit Insurance Corp. data show federally insured banks and savings institutions earned $5 billion in the April-June period, down from $36.8 billion a year earlier.
The roughly 8,500 banks and thrifts also set aside a record $50.2 billion to cover losses from soured mortgages and other l...
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