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FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"

 
WTF.
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08/14/2009 08:25 PM
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FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"
FDIC Insurance Fund - It Doesn't Actually Exist !

[link to seekingalpha.com]

When FDIC head Shelia Bair says her agency might have to bolster the FDIC's insurance fund with Treasury borrowings to pay for the new spate of bank failures, a lot of us, this 40-year banking veteran included, assumed there's an actual FDIC fund in need of bolstering.

We were wrong. As a former FDIC chairman, Bill Isaac, points out here, the FDIC Insurance Fund is an accounting fiction. It takes in premiums from banks, then turns those premiums over to the Treasury, which adds the money to the government's general coffers for "spending . . . on missiles, school lunches, water projects, and the like."

Last Edited by Account Deleted by User on 08/16/2012 04:41 PM
Reality is BS

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08/14/2009 08:29 PM
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Re: FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"
Just to catch the slow ones up, THERE ARE NO GOVERNMENT ACCOUNTS WITH MONEY IN THEM!!! You didn't really think they would run 1.3 trillion annual deficits with money laying around do you?

Last Edited by Reality is BS on 08/14/2009 08:29 PM
Anonymous Coward
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08/14/2009 09:00 PM
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Re: FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"
are my deposits safe? lol
Anonymous Coward
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08/14/2009 09:01 PM
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Re: FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"
Just to catch the slow ones up, THERE ARE NO GOVERNMENT ACCOUNTS WITH MONEY IN THEM!!! You didn't really think they would run 1.3 trillion annual deficits with money laying around do you?
 Quoting: Reality is BS


Yes, I do think they have accounts lying around with trillions of dollars worth of assets in them. They have 2 sets of books, one shows the income from taxes and the budget, and the other shows assets and income from assets.
One of the problems today is that only a fool would invest in the US as there is a good probability that there will be a 90 percent decrease in worth over the next 12 months, so their assets aren't worth much anymore if they want to liquidate them.

The whole story is here, but most people either won't take the time to read it or beleive it if they do. More "government" lies and deceit.

[link to cafr1.com]
Anonymous Coward
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08/14/2009 09:22 PM
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Re: FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"
If the FDIC doesn't exist, then I guess it went broke or has been taken under receivership by another corporation? Chris Rose, an old member here on GLP, did a lot of research on the U.S. Gov't and its corporations:

From the Missouri Secretary of State website:

Name Name Type FEDERAL DEPOSIT INSURANCE CORPORATION % Legal
Charter Number: F00008747A
Status: 12/31/2004 11:23:24 AM
Entity Creation Date: 5/1/1978
State of Business.:
Last Annual Report Filed Date:
Last Annual Report Filed: 0
Annual Report Month: 0/1/2000
Registered Agent

Agent Name: INACTIVE (SEE FILE, AS THIS IS A FEDERAL CORP., & SHOULD NOT BE ON FILE HERE IN MO)

[link to www.sos.mo.gov (secure)]

So much has been worked against the people of America behind our backs!
.
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08/14/2009 10:13 PM
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Re: FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"
Pin
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08/11/2012 03:36 PM
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Re: FORMER FDIC CHAIRMAN CLAIMS "FDIC DOES NOT EXIST"
09/25/2008

FDIC May Need $150 Billion Bailout as Local Bank Failures Mount
By David Evans

Sept. 25 (Bloomberg) -- Deborah Horn tugs on the handle of the glass-paned entrance of the IndyMac Bancorp Inc. branch in Manhattan Beach, California. The door won't budge. The weekend is approaching, and Horn, 44, the sole breadwinner in a family of three, needs cash.

A small notice taped to the window on this Friday afternoon in mid-July tells her why she's been locked out. IndyMac has failed, the single-spaced, letter-sized paper says; the bank is now in the hands of the Federal Deposit Insurance Corp.

``The Receiver is now taking possession of the Bank,'' the sign says.

``I'm physically shaking,'' says Horn, an academic tutor, as she peers into the bank. Inside, an FDIC examiner is talking to six stone-faced IndyMac employees. ``I don't know when I'm going to be able to get my money,'' Horn says. ``I'm a single mom. This is the money I live on.''

Don't worry about Horn. She'll be all right, as will most of Pasadena, California-based IndyMac's 200,000-plus customers.

That's because the FDIC, created in 1934, insures all accounts up to $100,000 at its member banks, and it has never failed to honor a claim. The people to worry about are U.S. taxpayers.

The IndyMac debacle is taking a large bite out of FDIC reserves, and if scores of other banks fail in the year ahead, the fund will be depleted. Taxpayers will have to step in. [link to www.bloomberg.com]

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