Word: fdic
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...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 a finance company covered by the FDIC...
...Since the FDIC stepped in the said they would insure any amount, there really wasn't much of a reaction of panic here," Holmes said...
...depositors' sense of security can be attributed in part to the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve's expansionary actions, which have cushioned the impact of the bank failures, Holmes said...
...insures accounts. The beleaguered fund sank to a record low $8.5 billion after 169 banks failed last year. Without fresh cash, it could go bust by the end of 1991 if the current recession lasts all year. The Treasury left the details of rescuing the fund up to the FDIC and the banking industry. FDIC Chairman William Seidman later said that to rescue the fund, the agency might raise banks' insurance premiums 20% to 30% as of June 30 to pay interest on government borrowings of up to $15 billion...
...FDIC Chairman L. William Seidman disputed the CBO's bleak prediction, contending that the insurance fund would remain "solvent but weak." Seidman said the banking industry could bolster the fund without help from taxpayers. But Seidman did acknowledge that if the recession lasts for more than a year, the fund will run dry by the end of 1991 and run a deficit of more than $5 billion...