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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 02/12/2009 : 08:39:32
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FDIC Fun Facts:
The FDIC currently has about $52 billion in reserves. The IndyMac fiasco alone could cost the FDIC 4-8 billion. I use to think so what, all the FDIC would have to do is ask for additional funds if things get too bad. But section 14 of the FDIC Act stipulates explicitly that the U.S. Treasury may loan the FDIC fund for insurance purposes to not exceed 30 billion outstanding at any one time subject to approval of the Secretary of the Treasury. That is a LOAN and not a grant and would supposedly have to be paid back to the treasury by the FDIC.
In additon, the law places no time limit on the FDIC to pay up. It only requires them to settle accounts "as soon as possible" according to Section 11 of the FDIC Act.
Information taken from 1st. American Reserve's Investor Market Advisory August 2008
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FDIC fun facts - how safe is your cash?
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