Word: fdic
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...troubled lenders, a level four times as great as during the 1981-82 recession. And the Federal Deposit Insurance Corp. expects 180 banks with total assets of $70 billion to fail this year. The cost of closing them will drain more than half the cash now in the FDIC fund that insures bank deposits, leaving a meager $4 billion on hand, unless something is done to shore up the fund...
Federal deposit insurance. All sides want to rescue the FDIC fund. The Administration is considering plans to levy a special assessment on banks or raise their insurance premiums to add at least $25 billion. The proposals would limit depositors to a total of $100,000 in federal insurance; in the S&L bailout, some big customers are being repaid the full $100,000 for each of several accounts...
Government supervision. The Administration and Congress want to consolidate the federal authority to regulate banking. That would simplify a regulatory process that is parceled out among such agencies as the Federal Reserve Board, the Comptroller of the Currency and the FDIC...
...system, which is awash in bad loans and increasingly reluctant to lend more money. L. William Seidman, chairman of the Federal Deposit Insurance Corporation, told Congress last week that 1991 is likely to bring the failure of 180 banks with total assets of $70 billion. That would reduce the FDIC fund, which insures bank deposits, from an already weak $9 billion to $4 billion by the end of next year. Seidman urged lawmakers to levy a special $25 billion assessment on banks and raise their insurance premiums to rescue the fund...
...Corporation is trying to recoup some of the $1 billion that the government spent to bail out the failed Silverado. "Our conclusion is that Silverado was the victim of sophisticated schemes and abuses by insiders and of gross negligence by its directors and outside professionals," said Douglas Jones, the FDIC's senior deputy general counsel. In the Denver hearing this week, the Office of Thrift Supervision aims to persuade an administrative-law judge that Bush should be banned in effect from ever again serving on the board of a financial institution. Bush contends he is innocent of the charges...