Word: fdic
(lookup in dictionary)
(lookup stats)
Dates: during 1940-1949
Sort By: most recent first
(reverse)
...create the Federal Deposit Insurance Corp. in 1933, after the worst bank panic the U.S. ever had, the Government put up $289 million. Since then FDIC has become rich from the annual dues (one-twelfth of 1% of total deposits) of its 13,582 members, and piled up a reserve of more than $1 billion. A year ago, FDIC started paying off the Government loan in installments...
Last week, after making the final payment, FDIC Chairman Maple T. Harl said: "Everybody should follow [our] example and pay off their debt now." Not everybody had the money, but, thanks to FDIC, everybody's bank accounts were safer than ever before. In 1933 alone, when 16,000 U.S. banks closed their doors in three months, U.S. depositors lost over $500 million...
Even in good times, more than 500 of the nation's banks used to go bust every year. Since FDIC started insuring, only 404 banks have been forced to close, and less than one-eighth of 1% of their deposits were lost. In the last five years not one FDIC-insured bank has closed, and not one depositor has lost a cent...
...seldom failed to present his case adequately to Washington. In his capacity for making friends easily, he has made a close friend of many a once-obscure person, and found him useful later, when he was not so obscure. V.E. met Leo Crowley before he rose to prominence as FDIC chairman, in 1939 put him in as the $50,000-a-year chairman of sprawling Standard Gas & Electric...
...Crowley was in the midst of the Anglo-American economics talks (see INTERNATIONAL) when he sat down and wrote out his resignation from FDIC, a post he had held since the dark days of 1934. In his letter to the President he said nothing about resigning from FEA, but Harry Truman promptly accepted his resignation from both jobs. Then the President wiped out FEA, handed its most important functions to the State Department...