Word: fdic
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Dates: during 1930-1939
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Victor Emmanuel, unlike the Byllesby interests, believes that butter is better than cannon in dealing with the New Deal. Fortnight ago, he hired a new president for Standard, white-haired, McNuttish-looking Leo Thomas Crowley, since 1934 chairman of FDIC. He hired Mr. Crowley through Washington's No. i Big Money employment office, Jesse Jones's RFC, the same office which placed Mr. Crowley's FDIC predecessor, Jones Protege Walter Cummings (TIME, Nov. 27), who heads Chicago's huge Continental Illinois Bank...
...pleasant picture of dollars on relief was the annual report last fortnight of Federal Deposit Insurance Corp. Chairman Leo T. Crowley. FDIC's own figures looked good enough at first glance. In five years the corporation has had to pay out $21,000,000 to cover expenses and to make good average losses of 16% of the deposits of 252 insured banks that closed or were taken over. Meantime FDIC has taken in $167,400,000 ($124,200,000 of it from ½ of 1% assessments on bank deposits, $43,200,000 from its investments and profits). Result: FDIC...
None of this need worry depositors whose accounts are guaranteed by FDIC. But it is plenty to worry FDIC, which will have to make good future losses; something to worry the Government which is morally obligated to keep FDIC from ever going bust; something to worry business which has to support the Government...
...setup of all executive agencies-except certain ones, specifically listed. (Important exceptions in the bill as passed by the Senate: Civil Service, Communications, Power, Trade, Interstate Commerce, Securities & Exchange, Employes' Compensation, Maritime, Tariff Commissions, Army Engineers Corps, Coast Guard, NLRB, Board of Tax Appeals, Federal Reserve Board, FDIC, Veterans' Administration. Most important: the Comptroller General's office, whose functions of o.k.-ing expenditures beforehand and auditing them afterward the President last year sought to divide between, respectively, the Budget Director and a new Auditor General.) The bill also forbade the President to do away with any function...
...bank's red brick building, when local payrolls would have stopped, local taxes gone unpaid, a resounding local depression started. But after the 1933 Bank Holiday, the New Deal set up Federal Deposit Insurance Corp. Since then banks have paid .08¼% of their average daily deposits to FDIC, thus insuring all deposits of $5,000 or less...