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Reply #4: Bad Summer for FDIC [View All]

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OnlinePoker Donating Member (837 posts) Send PM | Profile | Ignore Fri Aug-14-09 08:11 PM
Response to Original message
4. Bad Summer for FDIC
Edited on Fri Aug-14-09 08:22 PM by OnlinePoker
From 1 July until today, FDIC has been hit for $6.147 Billion in costs related to bank closures. It will be interesting to see 2nd quarter results (to 30 June) to see how close to zero the FDIC fund is. I'm sure they must be ready to tap the $30 Billion credit line they've got with Uncle Sam if they haven't already. For years, they never even collected the insurance premiums from member banks because they figured they had enough to weather any storm. Short-sighted like most organizations during the Bush administration.

Edit...

Oops...make that $7.015 Billion as 3 more have just shut, 2 in Arizona and one in Las Vegas (For over $700 million).
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