Word: deposit
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...lawsuit filed last week, the Federal Deposit Insurance Corporation is trying to recoup some of the $1 billion that the government spent to bail out the failed Silverado. "Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals," said Douglas Jones, the FDIC's senior deputy general counsel. In the Denver hearing this week, the Office of Thrift Supervision aims to persuade an administrative-law judge that Bush should be banned in effect from ever again serving on the board of a financial institution. Bush...
...late 1970s and early '80s, thrifts were struggling under the old rules because of inflation. Forced to pay high rates to attract deposits but dependent on low-interest, long-term home loans for revenue, the S&Ls saw their profits erode. Under constant pressure from thrift lobbyists, the old rules were felled one by one: in 1980 federal deposit insurance was increased from $40,000 to $100,000, money brokers were allowed to bundle massive deposits and thrifts were freed to make commercial loans...
...billion, and now it's $1 trillion or more. As estimates of the cost mounted for the bailout of the savings and loan industry, a taxpayer's only consolation was that at least commercial banks were safe and sound. Or were they? The way things are going, the Federal Deposit Insurance Corporation, which insures commercial bank deposits, may have to be renamed the Future Disaster Inevitable Corporation. In grim testimony before the House Banking Committee last week, Comptroller General Charles Bowsher warned, "Not since it was born in the Great Depression has the federal system of deposit insurance for commercial...
...debacle, which is expected to cost American families $5,000 to $10,000 apiece over the next three decades, Washington legislators responded swiftly. They promised immediate measures to bolster the insurance fund's resources by allowing regulators to boost the insurance premiums that banks pay to cover their deposits. "The American people have had enough of taxpayer bailouts of our deposit insurance system," wrote Donald Riegle Jr., the Senate Banking Committee chairman, in a letter to President Bush. Sensitive to accusations that it aggravated the S&L mess by delaying the cure, the Administration immediately supported a boost in premiums...
Early next year Congress intends to take up serious discussions of deposit- insurance reform. Gonzalez has unveiled a credible but controversial proposal that would limit deposit coverage, charge deposit-insurance premiums based on the riskiness of a bank's assets, and place some kinds of investments off limits for insured funds. The Treasury Department, which commissioned a yearlong study of banking reform, is expected to deliver its report later this year. None of the proposals will immediately solve the problems of the American banking system, but at least everyone seems to understand that putting off the search for a solution...