Word: fdic
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...ailing economy. Legislation desired by Sharp was introduced at a special session of the state legislature that could have given state-chartered banks and perhaps insurance companies tremendous advantages. The measures, actively supported by Governor Smith, would have allowed a state-chartered organization to assume the functions of the FDIC in Texas. The ceiling on insured deposits, then $15,000 under FDIC, would have been raised to $100,000. The change, presumably, would have attracted new funds to banks, and would have removed close federal scrutiny of banking operations...
...bank's end was quick and clean. Despairing of achieving a successful merger, Slay went into a Wayne County circuit courtroom at 6:45 one evening last week. The judge declared Public insolvent, put it in receivership with the Government's Federal Deposit Insurance Corp. FDIC quickly moved to safe guard Public's depositors by selling Public to Commonwealth, and provided the new owner with a $10 million guarantee against any further bad debts owed to Public. Six hours later, at 12:45 a.m., McGuire was informed of the deal by telephone. At 2 a.m., Commonwealth officers...
...White House has ever moved faster" than Johnson. In the hectic beginning days of the New Deal, F.D.R. announced the Good Neighbor Policy, called the bank holiday, passed the Federal Emergency Relief Act, took the U.S. off the gold standard, and started the CCC, AAA, TVA, HOLC, FDIC, FCA, NRA and WPA. And all that in 100 days, not five months. Johnson is a whirlwind, but Roosevelt was a cyclone...
Until this year, the stuffy FDIC would probably never have admitted to such ownership. But the atmosphere has changed under new Chairman Joseph W. Barr, 46, a Harvard-trained economist and former Indiana Congressman who was Lyndon Johnson's first executive appointment. "Banking is a flesh-and-blood business," says curly-haired Joe Barr, "and there's no sense pretending it's not." Whatever part the flesh may have played in the failure of the $3.8 million Marlin bank, Barr is trying to get back some of the blood; the FDIC has filed a $1.2 million civil...
...this may slow but surely will not eliminate the flow of unlikely acquisitions. The FDIC has taken over a string of race horses that had been bought by a California banker with embezzled funds, has also held resort hotels, antiques, furs and whisky warehouses. Occasionally the agency is even able to operate such enterprises more profitably than the original owners. It turned an abandoned Idaho gold mine into a tourist attraction, and still owns a Texas oilfield that earns $3,000 monthly...