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Reply #22: FDIC is there to protect the banks, not the depositors, no matter what they tell you. [View All]

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GliderGuider Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-09-08 04:03 PM
Response to Reply #14
22. FDIC is there to protect the banks, not the depositors, no matter what they tell you.
Edited on Sun Mar-09-08 04:04 PM by GliderGuider
The FDIC has about $52 billion in cash to insure $4.2 trillion in deposits, or about 1.2 cents on the dollar. That amount will cover only 520,000 maximum-value accounts. How many of America's 300,000,000 people have FDIC-insured accounts?
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