Word: deposit
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Dates: during 1990-1999
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...remaining investor group is bidding only for a small part of Amoskeag, but the Federal Deposit Insurance Corporation (FDIC) may not split up the package, The Globe reported...
...enough when some 300,000 Rhode Island bank customers discovered last Jan. 1 that they were cut off from their money. Democratic Governor Bruce Sundlun had closed down 45 banks and credit unions following the collapse of the Rhode Island Share and Deposit Indemnity Corporation, which backed up deposits. Eight months later, legions of penny-pressed retirees and other average customers are still unable to get at some $1.2 billion in deposits. But what proved to be too much was the disclosure last week that 14 businessmen, government officials and bank executives, acting on inside information that RISDIC...
...many jobs could have been as exciting -- or stressful -- as overseeing the turbulent banking industry for the past six years. Since he became chairman of the Federal Deposit Insurance Corporation in 1985, William Seidman has seen more than 1,000 U.S. banks fail, and the number of institutions on the brink continues to grow. The FDIC, which guarantees the nation's bank deposits, has had to pay out more than $24 billion during Seidman's tenure and is running low on reserves. Congress is working on legislation to replenish the funds. No wonder Seidman, 70, has decided to step down...
...more B.C.C.I. became a conduit for such money, the more deposit gathering became the bank's chief goal. At annual meetings, founder Abedi would harangue his employees for days on the importance of luring deposits. That was probably because billions of dollars were vanishing. At the highest levels, B.C.C.I. officials whisked deposits into secret accounts in the Cayman Islands. These accounts constituted a hidden bank within B.C.C.I., known only to founder Abedi and a few others. From those accounts, B.C.C.I. would lend massive amounts to curry favor with governments -- as in its $1 billion loan to Nigeria...
Savers don't need banks any more than borrowers do. Those who want to open a checking account and earn healthy income on their deposits can do so through a cash-management or money-market account with a brokerage firm. Some people shy away from such accounts because they aren't protected by the Federal Deposit Insurance Corp., but they now have reason to reconsider. One Wall Street company, Prudential Securities, has an "insured income account," including checking privileges, that comes with the FDIC's $100,000 guarantee. (To get the government protection, the parent company, Prudential Insurance, bought...