Posted on05 March 2009.
According to the Associated Press:
The US government is warning banks that its deposit insurance fund could go broke this year as bank failures mount.
The head of the Federal Deposit Insurance Corporation, Sheila Bair, in a letter to bank chief executives dated March 2, defended the FDIC’s plan to raise fees on banks and assess an emergency fee to shore up the fund and maintain investor confidence.
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Why are we ensuring deposits to banks that we’ve handed billions of dollars to? Isn’t that doubling the risk in the event the bank fails?
Sorry-meant Insuring!