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  • FDIC Insurance Bankrupt - Can't trust bank with your money

    FDIC warns US bank deposit insurance fund could tank



    WASHINGTON (AFP) – The US government is warning banks that its deposit insurance fund could go broke this year as bank failures mount.

    The head of the Federal Deposit Insurance Corporation, Sheila Bair, in a letter to bank chief executives dated March 2, defended the FDIC's plan to raise fees on banks and assess an emergency fee to shore up the fund and maintain investor confidence.

    Bair acknowledged the new fees, announced Friday, would put additional pressure on banks at time of financial crisis and a deepening recession, but insisted they were critical to keep the insurance fund solvent and protect.

    "Without these assessments, the deposit insurance fund could become insolvent this year," Bair wrote.

    The FDIC chief said in the letter that the rapidly deteriorating economic conditions raised the prospects of "a large number" of bank failures through 2010.

    "Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative," she wrote.

    The FDIC last Friday announced it would impose a temporary emergency fee on lenders and raise its regular assessments to shore up the rapidly depleting deposit insurance fund that insures individual customer deposits up to 250,000 dollars.

    A week ago the FDIC reported a sharp depletion of the deposit insurance fund in the fourth quarter due to actual and anticipated bank failures, to 19 billion dollars from 34.6 billion in the third quarter.

    The FDIC said it had set aside an additional 22 billion dollars for estimated losses on failures anticipated in 2009.


    http://news.yahoo.com/s/afp/20...yusbankinggovernment
    If Democrats Had Any Brains, They'd Be Republicans

    Democrats - Brave enough to KILL our unborn, just NOT our ENEMIES!

  • #2
    FDIC warns US bank deposit insurance fund could tank



    WASHINGTON (AFP) – The US government is warning banks that its deposit insurance fund could go broke this year as bank failures mount.

    The head of the Federal Deposit Insurance Corporation, Sheila Bair, in a letter to bank chief executives dated March 2, defended the FDIC's plan to raise fees on banks and assess an emergency fee to shore up the fund and maintain investor confidence.

    Bair acknowledged the new fees, announced Friday, would put additional pressure on banks at time of financial crisis and a deepening recession, but insisted they were critical to keep the insurance fund solvent and protect.

    "Without these assessments, the deposit insurance fund could become insolvent this year," Bair wrote.

    The FDIC chief said in the letter that the rapidly deteriorating economic conditions raised the prospects of "a large number" of bank failures through 2010.

    "Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative," she wrote.

    The FDIC last Friday announced it would impose a temporary emergency fee on lenders and raise its regular assessments to shore up the rapidly depleting deposit insurance fund that insures individual customer deposits up to 250,000 dollars.

    A week ago the FDIC reported a sharp depletion of the deposit insurance fund in the fourth quarter due to actual and anticipated bank failures, to 19 billion dollars from 34.6 billion in the third quarter.

    The FDIC said it had set aside an additional 22 billion dollars for estimated losses on failures anticipated in 2009.


    http://news.yahoo.com/s/afp/20...yusbankinggovernment
    If Democrats Had Any Brains, They'd Be Republicans

    Democrats - Brave enough to KILL our unborn, just NOT our ENEMIES!

    Comment


    • #3
      Don't worry! They'll be getting another $100,000,000,000 in non-existent money.

      http://www.bloomberg.com/apps/...wvZuHR3dk&refer=news
      --------------------
      "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. " - Thomas Jefferson

      Comment


      • #4
        <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by JermCool:
        Don't worry! They'll be getting another $100,000,000,000 in non-existent money.

        http://www.bloomberg.com/apps/...wvZuHR3dk&refer=news </div></BLOCKQUOTE>

        No Big Deal! They Can inject As Much as They Want! After It Gets Into Circulation It Becomes The Responsibility Of The People to Pay It back!!! Economist Nightmare!!!
        USC and Legal, Honest Immigrant Alike Must Fight Against Those That Deceive and Disrupt A Place Of Desirability! All Are Victims of Fraud, Both USC and Honest Immigrant Alike! The bad can and does make it more difficult for the good! Be careful who y

        Comment



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