Word: depositer
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...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...
Bowsher warned that taxpayers may also have to bail out the banking industry if Washington cannot agree on how to replenish the dwindling Federal Deposit Insurance Corporation fund. It could lose more than $23 billion over the next two years as the commercial real estate depression causes hundreds of shaky banks to fail...
Under the plan, former officers, directors and lawyers of the failed thrift will pay the Federal Deposit Insurance Corporation $26.5 million and turn over to the agency a $23 million executive-indemnity fund established by Silverado before it was seized by the government three years ago. For Neil Bush, 36, an outside director of Silverado from 1985 to 1988, the development marks the latest setback in his ill-starred business career. Last April, in a separate action, the Office of Thrift Supervision formally reprimanded him for engaging in "unsafe" and "unsound" practices involving conflicts of interest...
...word went around Buffalo that government representatives were booking local hotel rooms while Goldome honchos were emptying their offices, Washington made it official: the Federal Deposit Insurance Corporation was seizing Goldome in the biggest bailout of a savings bank in U.S. history. The spoils will go to Buffalo's First Empire State and Albany's KeyCorp, which sought the smallest amount of federal aid; the two offered a plan that could cut costs by canning workers. But Goldome's rescue may still cost U.S. taxpayers up to $1 billion...