« Asleep at The Spigot | Main | Goodbye Capitalism »

Ouch!

IndyMac's shutdown may mean regulators will have to raise more money to support the federal deposit insurance program that repays customers when a bank fails, Reich said during a press conference. The failure will cost the fund about $4 billion to $8 billion, the FDIC said in a statement.

About $1 billion of uninsured deposits are held by about 10,000 customers, the FDIC said. Those depositors will get an "advance dividend" equal to half the uninsured amount, according to the statement.

This is the first couple of billion billed to taxpayers. How much will Freddie Mac and Fannie Mae cost?

Name (required)
Email
Website
Remember personal info? Yes   No
Comments

home | music | democracy | earth | money | projects | about | contact

Site design by Matthew Fries | © 2003-23 Consilience Productions. All Rights Reserved.
Consilience Productions, Inc. is a 501(c)(3) non-profit organization.
All contributions are fully tax deductible.