Word: bankses
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Who are these creditors? The biggest group, with outstanding loans of about $9 trillion, is depositors like you and me. When you deposit money, you're lending it to the bank. Those deposits were explicitly insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 before the crisis...
But banks also borrow on wholesale markets, mainly by issuing bonds. About $2.6 trillion of bank funding in the U.S., 20% of the total, comes from such debt securities, according to the FDIC. At the most troubled of the big banks, Citigroup, the figure is 27%. (Citi's domestic depositors...
The FDIC can wind down banks in a more orderly fashion than occurred at Lehman. But FDIC chairwoman Sheila Bair and Fed Chairman Ben Bernanke have both said they don't have the authority to wind down global financial conglomerates like Citi. The upshot: "If you want to have no...
“Miss March” is a shitshow—literally. You know a movie is desperate when volatile explosions of feces constitute the film’s only real thread of comedy. In a world where boys will be boys and girls will be their playthings, ?...
Good forms of state intervention include stricter regulation for banks, especially on the part of the developed world. Banks have to be stopped from taking irresponsible risks overseas, especially when things are good and risk looks tasty. Leverage must be capped. Some firms must be nationalized. Another good form, especially...