FDIC Chief Fears Fund Insolvency
WASHINGTON — The head of the Federal Deposit Insurance Corp. has warned that the fund insuring Americans’ bank deposits could be wiped out this year without the money the agency is seeking in new fees from U.S. banks and thrifts.
FDIC Chairman Sheila Bair acknowledged, in a letter this week to bank CEOs, that the new increased fees and hefty emergency premium the agency voted to levy last week will bring a “significant expense” to banks. But given the accelerating bank failures that have been depleting the deposit insurance fund, she said, it “could become insolvent this year.”
ASSOCIATED PRESS
Yeah... Like we as the consumer aren't going to see the rise in fees to us as a result of the bank having to pay out higher & higher fees. How far can this go? At what point will it be too much for the American people (i.e. business men and women--even those who run mulit-billion dollar industries) to just say "To hell with this! Lets revolt! Too much governemt, too much Big Brother, too much in fees/taxes/inflation/irresponsibility!" Who knows? ...Certainly not me.
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