FDIC Going Bankrupt; Will Need Taxpayer-Funded Bailout
By Mike Adams, September 17, 2008 | Key concepts: FDIC, Bank failures and Bankruptcy
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You know the financial implosion is getting serious when the insurance company originally set up to save failed banks is nearing bankruptcy itself. This is what's happened with the FDIC. Guess who gets to foot the bill? The taxpayers, of course.
From News.yahoo.com: The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.... more
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