Word: crisises
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For months it had been clear that the FDIC, which maintains a fund to protect deposits when banks fail, would soon run out of money. By the FDIC's own revised estimate, the credit crisis, which has already claimed 95 banks this year, will cost the agency $100 billion. Half...
Normally, the FDIC would assess a special onetime fee to banks to raise the money it needs for its fund. But bank executives have been saying that any additional payments they have to make to the FDIC above their normal quarterly bill would force them to cut lending. Special assessments...
The problem with the FDIC's solution is it does nothing to keep its fund officially out of the red. That's because the same accounting that allows banks to hide the costs will prevent the FDIC from marking up its own assets. Just as the banks get to add...
Fornelli notes that the improvement came even though a hoard of bad news shook up the markets between last year's summer survey and this year's fall survey. "Unemployment went up significantly, you had problems with AIG and Lehman Brothers, the stock market went down - so the indicators of...
Tensions had been building in the weeks leading up to Monday's protest after Camara hinted that he may run in the presidential election set for January 2010, going back on an earlier pledge not to take part in the election. The move infuriated the opposition, which wants to see...