March 26, 2008 (LPAC)--The Federal Deposit Insurance Corp. announced yesterday that it will increase by 60% the staff of its Division of Resolution and Receiverships, in anticipation of a wave of new bank failures. However, that sounds more impressive than it is, since the FDIC is only adding 140 people, and its problem-bank list contained just 76 banks and insured thrifts with combined assets of only $22 billion at the end of 2007, a drop in the bucket in a banking system with $13 trillion of assets, much of it concentrated in a handful of bankrupt trillion-dollar giants. Even with these actions, the FDIC is woefully unprepared for the tidal wave of bank failures which is coming.