Categories
Business Links politics

Reading Around on March 12th

Fdic: Banks Didn’t Pay Into FDIC Coffers From 1996 To 2006 – For 10 years—including the boom times banks enjoyed in the first half of this decade—the FDIC was prevented from collecting fees from 95% of financial institutions, which it would have used to further build up its safety net in the event it would someday have to bail out a bunch of stupid losers…

…”Typically you would build up a reserve during the halcyon days to protect yourselves during a recession,” he said, calling the decision to stop collecting most premiums “a political one” that was pushed by banks and not based on strict accounting principles.

Some additional reading March 12th from 19:11 to 21:58:

  • Mad Dog Blog – NBA players with Twitter.com Accounts – “I had no idea what Twitter was and so I decided to do some research and really figure it out. As I was checking on it I found someone’s blog who pointed out that a bunch of NBA players have Twitter accounts. Then on my own I found some other NBA players with accounts. Some of the players are listed below.

    Chris Bosh
    Andrew bogut
    Danny Granger
    Steve Nash
    Shaq
    Charlie Villanueva
    Tyson Chandler
    Jalen Rose
    Dwight Howard

    maybe. Some of these seem fake, or near fake.

  • Fdic: Banks Didn’t Pay Into FDIC Coffers From 1996 To 2006 – For 10 years—including the boom times banks enjoyed in the first half of this decade—the FDIC was prevented from collecting fees from 95% of financial institutions, which it would have used to further build up its safety net in the event it would someday have to bail out a bunch of stupid losers…

    Cornelius Hurley, director of the Boston University law school’s Morin Center for Banking and Financial Law, [said] if the FDIC has to take over a large bank—say, Citibank—the funds that remain would be drained “in a flash.”
    “Typically you would build up a reserve during the halcyon days to protect yourselves during a recession,” he said, calling the decision to stop collecting most premiums “a political one” that was pushed by banks and not based on strict accounting principles.

    Of course the American Banking Association says it made no sense to pay into the FDIC during those 10 years because they had more than enough money. Congress, not surprisingly, agreed with them.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.