Word: fdic
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Dates: during 2010-2019
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...institutions that already repaid their bailout money while GM and Chrysler keep hemorrhaging taxpayer cash. But one midsize-bank CEO suggested the tax was a reasonable surcharge on too-big-to-fail conglomerates that benefit from an implicit guarantee of federal help in a crisis. "If I fail, the FDIC shuts me down," he said. Then he gestured at a big-bank CEO. "If he fails, the Fed asks how it can help...
...upside of this approach is that it gives banks time to work out problem loans in an orderly fashion. It also averts a big hit to the FDIC's empty insurance fund. The downside is that it drags out the correction for years, delaying any rebound. "The smart money, and there is plenty on the sidelines, is waiting for the bottom to materialize," says Bonney. It may still be waiting a year from...
...Monday, New York Attorney General Andrew Cuomo asked eight large banks to turn over data on their expected 2009 bonus payouts. President Barack Obama is considering leveling a fee on financial firms to help the government recoup the costs of last year's bank and auto bailouts. FDIC officials, too, are considering charging banks that pay a large portion of their executive compensation in bonuses a higher fee for its deposit insurance. The U.K. recently adopted a 50% tax on bank bonuses.(See the worst business deals...