And oddly, this all isn’t big news.
The government-administered insurance fund that protects depositors fell into the red for the first time since the fallout from the savings-and-loan crisis of the early 1990s as the pace of bank failures accelerated.
The fund had a negative balance of $8.2 billion at the end of the third quarter, federal regulators said Tuesday. Bank customers, however, should remain confident that their deposits would be protected since most of the amount reflects money that Federal Insurance Deposit Corporation has already set aside to cover the losses from future bank failures.
Officials of the F.D.I.C. said in October that the deposit insurance fund had been depleted, but the third-quarter report card on the banking industry issued on Tuesday was the first time that hard numbers had been released. Even amid early signs that the economy is recovering, the report suggested that the country’s 8,100 lenders remain in fragile condition.
[…]
the number of bank failures will probably keep climbing. So far, the F.D.I.C. has seized and sold 124 banks in 2009, and analysts expect hundreds more to collapse in the months ahead. That has put significant pressure on the F.D.I.C. fund, which posted a negative balance for the first time since 1992 when regulators cleaned up the carnage from hundreds of failed thrifts and other commercial lenders.
I’m sure you’ve heard of such companies as US Fidelis, Stop Repair Bills.com, National Dealers Warranty, Or Mogi right? Well about 9 months ago i got hired on at one of these companies above, and i feel it necessary to prevent anyone that reads this from making the same mistake that many of the people I sold to did.
Many people would not think of making a major purchase without doing research to find the best model and the lowest price. But at the checkout counter, all of that preparation often breaks down.
A wayward deer that wandered through downtown Toronto before stopping to rest near a busy intersection has been stunned and captured.
