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FDIC

Bank Holiday Jan 15,2010 by: Lasthorseman Tue Jan 12, 2010 at 10:23:33 PST OK honestly, it is a "minority report" coming from one of those "CT" sources.  A well known character Benjamin Fulford reported on high level meetings and plans to devalue the dollar 6 to 10 to one.  Now I know mainstream isn't going to give me real news so search elsewhere is a given. The confirmation search leads to other sources. There's More... :: (2 Comments, 69 words in story)

Banks Did Not Pay For Insurance, FDIC Will Have To Borrow by: Something The Dog Said Wed Mar 11, 2009 at 14:16:17 PDT (10 am. - promoted by ek hornbeck) Unbe-fraking-leavable! Just when you think you know what the hell is going on and have some idea what it will take to get things back in shape, a new shite storm comes sailing along to bring you a new life-time supply of manure. What has the Dog so spun up this afternoon? Well, are you sitting down, gentle reader (duh of course you are, you're on the internet)? The FDIC is going asking to be able to borrow $500 billion (as in five hundred thousand million) dollars, because it is does not have enough money to do the heavy lifting of taking over a bank like Citi or B of A.   There's More... :: (4 Comments, 644 words in story)

Another Friday, Another Bank Failure by: cosmic debris Sat Sep 20, 2008 at 07:31:41 PDT (9 am. - promoted by ek hornbeck) In adding to the angst of the shocking capitalistic disaster otherwise known as "George Bush is our President", last night the FDIC announced the twelfth bank failure of the year.  This time it was Ameribank, Inc of Norfolk, West Virginia. See failed bank list here. As noted in this diary posted earlier this morning, Congress: "We have never heard language like this" by pfiore8, and in some of the comments therein, this weekend we will be witnessing the doctrine of the transfer of this nation's wealth in ways that must be making Milton Friedman and Saint Ronnie grin in mummified, shocking glee.   This diary will provide some links and source material for those who would like to follow this catastrofinancefuck a bit more closely. There's More... :: (13 Comments, 205 words in story)

Another Financial Storm May Be Brewing by: Jay Elias Mon Sep 15, 2008 at 04:13:18 PDT (6 pm. - promoted by ek hornbeck) Buried in the sound and fury of the current financial storm, including the bankruptcy of Lehman Brothers, sale of Merrill Lynch to Bank of America, and the rumored imminent meltdown of insurance giant A.I.G. is something which I consider far more dangerous: The alert have taken note that the failure of Washington Mutual, which looks increasingly likely, would consume the FDICs reserves and, as in the savings and loan crisis, force the agency to go hat in hand to Congress for more money. But this is comparatively early in our burgeoning banking crisis for the bulwark of commercial banks to be tested. Worse, the concern is that uninsured depositors will flee weak banks, and in process, push more over the edge. The scale of the problem? Washington Mutual - the sixth largest bank in the US - has lost more than a third of its market value recently as investors fear it lacks liquidity and capital to survive the credit crisis... The FDIC is respected for its operational effectiveness. But its $45bn deposit insurance fund is underfunded according to its own guidelines, at 1.01 per cent of insured deposits... ...analysts fear it may have to draw on its $70bn Treasury credit lines. Alan Avery, a partner at Arnold and Porter, said a single failure - if big enough - "would cause the FDIC to immediately draw on the Treasury credit". Washington Mutual had $143bn in insured deposits on June 30 - about three times the size of the deposit insurance fund, but less than half of its $307bn assets. Emphasis added. There's More... :: (37 Comments, 462 words in story)