http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1004815
If you don't do anything else today watch this video and pass it on!
This is insane but at least now I understand why it doesn't behoove the bank to make loan modifications for their customers
FDIC Responds To IndyMac/OneWest Video Alleging Sheila Bair Transferred Billions In Taxpayer Funds To Paulson & Co., And Others
http://www.zerohedge.com/article/fdic-responds-indymaconewest-video-alleging-sheila-bair-transferred-billions-taxpayer-funds-?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed:+zerohedge/feed+(zero+hedge+-+on+a+long+enough+timeline,+the+survival+rate+for+everyone+drops+to+zero
Showing posts with label Sheila Bair. Show all posts
Showing posts with label Sheila Bair. Show all posts
Tuesday, February 16, 2010
Friday, October 16, 2009
FDIC bank fund in the red until 2012
http://money.cnn.com/2009/10/14/news...ion=2009101415
The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
Testifying before members of the Senate Banking Committee, the nation's top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But she said those efforts would not put the rescue fund in the black until a little more than two years from now at the earliest.
The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
Testifying before members of the Senate Banking Committee, the nation's top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But she said those efforts would not put the rescue fund in the black until a little more than two years from now at the earliest.
Tuesday, September 29, 2009
FDIC says bank failures to cost around $100B
http://finance.yahoo.com/news/FDIC-says-bank-failures-to-apf-1346316964.html?x=0&.v=9
Why does just "Put it on my tab" come to mind? And just how large will that "tab" be allowed to run?
Federal regulators said Tuesday they expect bank failures to cost the deposit insurance fund about $100 billion in the next four years and the fund to begin running at a deficit this month.
That is higher than an earlier estimate of $70 billion in failure costs through 2013.
The Federal Deposit Insurance Corp. made the projections as its board voted to propose requiring banks to prepay an estimated $45 billion in regular insurance premiums for 2010-2012. The proposal could take effect after a 30-day public comment period.
"I do think this is a good balance," FDIC Chairman Sheila Bair said. The plan requires the banking industry "to step up" while spreading the financial hit to banks over a number of years, she said.
The insurance fund has been sapped by billions from a rash of bank failures that began in mid-2008. The banking industry prefers that option over a special emergency fee -- which would be the second this year.
It was the first time the FDIC has required prepaid insurance fees.
Bair didn't rule out the possibility of the agency tapping its $500 billion credit line with the Treasury Department, if the economy doesn't stage a full recovery. However, there is a recognition in the banking industry that "everybody's got bailout fatigue," she said
Ninety-five banks have failed so far this year as losses have mounted on commercial real estate and other soured loans amid the most severe financial climate in decades. The insurance fund fell 20 percent to $10.4 billion at the end of June, its lowest point since 1992, at the height of the savings-and-loan crisis. The fund has now slipped to 0.22 percent of insured deposits, below a congressionally mandated minimum of 1.15 percent.
Why does just "Put it on my tab" come to mind? And just how large will that "tab" be allowed to run?
Federal regulators said Tuesday they expect bank failures to cost the deposit insurance fund about $100 billion in the next four years and the fund to begin running at a deficit this month.
That is higher than an earlier estimate of $70 billion in failure costs through 2013.
The Federal Deposit Insurance Corp. made the projections as its board voted to propose requiring banks to prepay an estimated $45 billion in regular insurance premiums for 2010-2012. The proposal could take effect after a 30-day public comment period.
"I do think this is a good balance," FDIC Chairman Sheila Bair said. The plan requires the banking industry "to step up" while spreading the financial hit to banks over a number of years, she said.
The insurance fund has been sapped by billions from a rash of bank failures that began in mid-2008. The banking industry prefers that option over a special emergency fee -- which would be the second this year.
It was the first time the FDIC has required prepaid insurance fees.
Bair didn't rule out the possibility of the agency tapping its $500 billion credit line with the Treasury Department, if the economy doesn't stage a full recovery. However, there is a recognition in the banking industry that "everybody's got bailout fatigue," she said
Ninety-five banks have failed so far this year as losses have mounted on commercial real estate and other soured loans amid the most severe financial climate in decades. The insurance fund fell 20 percent to $10.4 billion at the end of June, its lowest point since 1992, at the height of the savings-and-loan crisis. The fund has now slipped to 0.22 percent of insured deposits, below a congressionally mandated minimum of 1.15 percent.
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