Category: banking

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Banks Did Not Pay Their FDIC Insurance For 10 Years; Now Short On Funds.

Um, uh oh…

WASHINGTON – The federal agency that insures bank deposits, which is asking for emergency powers to borrow up to $500 billion to take over failed banks, is facing a potential major shortfall in part because it collected no insurance premiums from most banks from 1996 to 2006.

The Federal Deposit Insurance Corporation, which insures deposits up to $250,000, tried for years to get congressional authority to collect the premiums in case of a looming crisis. But Congress believed that the fund was so well-capitalized – and that bank failures were so infrequent – that there was no need to collect the premiums for a decade, according to banking officials and analysts.

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banking
6
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Video: Jon Stewart Rips Rick Santelli & CNBC After He Bails From Daily Show.

“If I’d only followed CNBC’s advice I’d have a million dollars today…provided I’d started with $100 million.”

banking
6
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This Is What CEO’s Should Be Doing In These Economic Times.

It’s nice to see a CEO taking some responsibility instead of either A. going on expensive retreats, B. blaming someone else, or C. laying off all their employees:

banking
8
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Illinois Governor Suspends All State Business With BofA.

Um, ok… I imagine we are going to start seeing more stuff like this as the credit crisis gets worse, no?

In a stinging note of support for the laid off workers that have taken up residency in Chicago’s Republic Windows & Doors factory, the Governor of Illinois has suspended business with Bank of America until it reissues credit to the shuttered company. Bank of America cut off credit to Republic Windows & Doors company last week, and workers, demanding severance pay, began staging sit-ins, effectively taking control of the building. Bank of America, Chicago’s second largest bank, has received over $15 billion in bailout funds from the federal government. During a Monday news conference, Illinois Governor Rod Blagojevich insisted that the money was intended to be used for purposes such as this.

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banking
8
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AIG Shelling Out $3 Million To Employees Who Were Terminated.

Yep, it just keeps getting better, doesn’t it?

American International Group, the insurer getting a $152 billion federal bailout, in a regulatory filing late on Tuesday disclosed it would pay roughly $3 million to several executives under deferred compensation plans that are being terminated. IG last week said the monies being paid under the deferred compensation were previously earned, and had no connection to the federal bailout.

AIG’s bailout package was originally $85 billion, but ballooned to $152 billion when it became clear the lower amount would not be enough.

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banking
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