Word: fdic
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...worst fear is that U.S. banks could be the next disaster. In congressional testimony last week, L. William Seidman, who chairs both the RTC and the Federal Deposit Insurance Corp., said the $13 billion FDIC fund that guarantees bank deposits was under "very substantial stress" because of bank failures and would probably show a loss for the third straight year. So far, 112 banks have closed their doors in 1990. That is comparable to the rate last year, when some 200 banks were shut...
With the release of government documents spelling out the conflict-of- interes t allegations, and reports that the Federal Deposit Insurance Corporation (FDIC) might file a $200 million civil suit against him and the other officers and directors of Denver's Silverado Banking, Savings and Loan Association, Neil Bush replaced Charles Keating as the S&L poster boy. His father interrupted his final press conference at the Houston economic summit to defend the besieged 35-year-old Denver businessman. "What father wouldn't express a certain confidence in the honor of his son?" asked the President as his voice cracked...
...credible defense -- a combination of selective prosecution and sufficient, if not total disclosure -- his father and the Republican Party may wish he had cut a deal and signed the cease-and-desist order when the OTS was willing. With all the publicity surrounding young Bush, the FDIC may feel pressure to push its suit to partially recover from the directors and officers of Silverado the $1 billion loss to taxpayers. On Friday Democratic members of the House Judiciary Committee asked the Justice Department to appoint a special prosecutor to handle the Silverado case; but at least one of the members...
...Oversight Board, which is chaired by Treasury Secretary Nicholas Brady, decides RTC policy and controls its funding. Congress agreed to give the Treasury a role so that the Administration would have a major stake in the bailout, but dividing responsibility has prompted feuding between the Treasury and the FDIC. "It is a perfect setup for blaming someone else," complains Seidman...
...market value, not only to reduce the eventual cost of the S & L bailout to taxpayers but also to avoid undercutting the going rates in the marketplace. Yet the Federal Savings and Loan Insurance Corporation, which currently holds most of the repossessed property and will be combined with the FDIC under the Bush plan, has seldom shown a talent for getting top dollar. In Guerneville, Calif., a small town north of San Francisco, the FSLIC took over a condominium project with more than 20 units two years ago. The original owners had been trying to sell the units...