Word: deposit
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...There are definite signs of fear. For 50 years, the American citizen thought he never had to worry about one thing: his little deposit in the bank. Well, he's worrying about it now, and that is not good. You shake that public confidence, and no telling where events will lead...
...Meantime, does the Deposit Insurance Fund have enough money to see us through the crisis...
...head of both the Federal Deposit Insurance Corporation and the Resolution Trust Corporation, Seidman holds what he calls "the biggest damn lousy job in the country." Or to put it another way, it is "a combination of a garbage collector, an IRS agent and an undertaker." He was all those things last week as he took over the collapsing Bank of New England...
Call it a tale of two bank failures. When Boston-based Bank of New England Corp. collapsed last week, federal regulators rushed to bail out the region's fourth largest banking company (assets: $22 billion). To prevent a run on deposits that could spread throughout troubled New England and beyond, Washington even stood behind deposits of more than $100,000, the limit covered by federal insurance. But when the small, black-owned Freedom National Bank (assets: $121 million) failed last November in New York City's Harlem, the Federal Deposit Insurance Corporation saw no risk of a widespread panic...
...into a deeper recession. In a gloomy assessment of the banking outlook, FDIC chairman L. William Seidman warned Congress last week that more big banks could go bust in 1991 unless the current recession is "short and shallow." A run of large failures would swiftly bankrupt the FDIC's deposit-insurance fund, which stood at $9 billion last month. Even without a sharp downturn, Seidman said, the fund will fall to a record low of $4 billion by the end of 1991, as an estimated 180 banking firms fail...