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October 6, 2008 6:27:15 PM CDT

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Stories related to: FDIC

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17 Stories

  • October 2008

    • Citi Demands Wells Fargo Give Wachovia Back

      Bloomberg  |  Oct 3, 08 11:43 AM CDT

      Citi Demands Wells Fargo Give Wachovia Back

      (Newser) - Citigroup is seeking to nullify the Wells Fargo takeover of Wachovia announced this morning, Bloomberg reports. Citi claims the $15.4 billion deal violates an exclusivity agreement it had worked out with Wachovia early this week. "Citi has substantial legal rights regarding Wachovia and this transaction,'' the bank said in a statement. More »

      Tags

      Citigroup  • Wachovia  • buyout  • takeover  • Wells Fargo  • FDIC

    • FDIC May Need Its Own Bailout

      The Big Money  |  Oct 2, 08 1:49 PM CDT

      FDIC May Need Its Own Bailout

      (Newser) - The Federal Deposit Insurance Corporation has quietly and effectively done its job safeguarding Americans’ money since 1933, but the financial crisis will thrust the agency into the spotlight, reports Big Money, Slate’s financial offshoot. The bailout bill increases the amount the FDIC insures, from $100,000 to $250,000, but it appears the agency doesn’t have the cash to make good on its promises. More »

      Tags

      Congress  • credit crisis  • Treasury Department  • FDIC  • New Deal  • deposit insurance  • Sheila Bair

    • Senate Puts Pressure on House to Pass Bailout

      Chicago Tribune  |  Oct 2, 08 9:22 AM CDT

      Senate Puts Pressure on House to Pass Bailout

      (Newser) - By resoundingly passing its version of the bailout bill, the Senate has ratcheted up the pressure on House leaders to go along with the plan, the Swamp reports. “We’re going to fix the problem this week,” promised Mitch McConnell. The new bill more than doubles the FDIC insurance cap and eliminates the Alternative Minimum Tax, provisions expected to be a hit with House Republicans. More »

      Tags

      Senate  • bailout  • House Republicans  • FDIC  • Alternative Minimum Tax  • Jack Reed

    • Better Than a Bailout: Boost FDIC Coverage to $1M

      BusinessWeek  |  Oct 1, 08 10:17 AM CDT

      Better Than a Bailout: Boost FDIC Coverage to $1M

      (Newser) - Congress should stop fighting over the Paulson bailout, writes BusinessWeek economist Michael Mandel, and approve an expansion of FDIC deposit insurance to $1 million. It should also triple deposit insurance reserves to $145 billion. It would solve the immediate problem, calming the hysteria in the market, and attract funds to banks, he argues, and give Congress time to decide whether banks, and the housing market, still need federal support. More »

    • Raising Deposit Insurance May Save Bailout Package

      Wall Street Journal  |  Oct 1, 08 2:13 AM CDT

      Raising Deposit Insurance May Save Bailout Package

      (Newser) - A plan to boost deposit insurance for bank accounts is gaining traction in Washington and could help rescue the rescue package, the Wall Street Journal reports. Community bankers have been pushing hard for a hike from the current $100,000 limit to $250,000. The move, which would also ease fears of consumers and small businesses, may win over wavering politicians looking for something in the package to help Main Street. More »

      Tags

      bailout  • bank  • FDIC  • small business  • deposit insurance

  • September 2008

    • Obama Wants to Hike Deposit Insurance

      Politico  |  Sep 30, 08 8:22 AM CDT

      Obama Wants to Hike Deposit Insurance

      (Newser) - Barack Obama today proposed to revive the $700 billion bailout lying bloodied on the House floor with a provision increasing federal insurance to $250,000 from the current $100,000, Politico reports. The presidential hopeful called it “a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system.” More »

      Tags

      Barack Obama  • Election 2008  • bailout  • economy  • markets  • FDIC

    • How to Protect Your Money

      New York Times  |  Sep 30, 08 2:56 AM CDT

      How to Protect Your Money

      (Newser) - After the biggest single-day's loss in Wall Street's history, even Americans whose sole investment is a bank account are nervously scratching their heads. Here are some guidelines to the failed-bailout crisis from the New York Times: What happens next? The market's deep dive may scare Congress into passing the bailout or a new bill, at which point stocks may rebound. More »

      Tags

      Wall Street  • bailout  • mortgage crisis  • financial crisis  • credit market chaos  • FDIC

    • Where US Consumers Can Turn Now

      MSNBC  |  Sep 29, 08 5:39 PM CDT

      Where US Consumers Can Turn Now

      (Newser) - The failure of the bailout bill to clear the House has American consumers checking their retirement accounts, their wallets, and even their mattresses as they grapple with the implications of the worsening financial situation. With falling oil prices seemingly the only silver lining for the average consumer, MSNBC offers some advice. Make sure investments eligible for FDIC protection actually have that protection. More »

      Tags

      bailout  • mortgage crisis  • credit market chaos  • FDIC

    • Citigroup to Buy Wachovia, Backed by FDIC

      Wall Street Journal  |  Sep 29, 08 9:00 AM CDT

      Citigroup to Buy Wachovia, Backed by FDIC

      (Newser) - Citigroup will purchase struggling Wachovia’s banking operations in a $2.2-billion government-backed deal, the Wall Street Journal reports. The FDIC has agreed to take on a portion of potential losses in the plan, which leaves three banks, including Bank of America and JP Morgan Chase, in control of nearly a third of deposits nationwide, the Washington Post notes. More »

      Tags

      credit crisis  • Citigroup  • Wachovia  • FDIC

    • JPMorgan Chief Had Long Drooled Over WaMu

      Seattle Times  |  Sep 26, 08 2:45 PM CDT

      JPMorgan Chief Had Long Drooled Over WaMu

      (Newser) - The failure of Washington Mutual was an opportunity for JPMorgan Chase CEO Jamie Dimon, who long held a desire to buy the bank, the Seattle Times reports, and saw its large West Coast presence as particularly attractive. Now Dimon, who incorporated Bear Stearns earlier this year, has used the credit crisis to build the largest bank in the US. More »

    • We Don't Really Need a Bailout

      Washington Post  |  Sep 25, 08 1:22 PM CDT

      We Don't Really Need a Bailout

      (Newser) - Now that all the big investment firms are no more, why exactly do we need a bailout? Paulson’s plan involves buying assets that are illiquid, but not worthless. “But regular banks hold assets like that all the time,” writes James Galbraith in the Washington Post. “They’re called ‘loans.’” Runs on non-investment banks only occur when investors panic. Eliminate the arbitrary $100,000 cap on FDIC insurance, and there will be no reason to panic. More »

      Tags

      bailout  • Henry Paulson  • Treasury Department  • investment banks  • FDIC

  • July 2008

    • Feds Seize 2 Failed Banks

      Reuters  |  Jul 26, 08 6:07 AM CDT

      Feds Seize 2 Failed Banks

      (Newser) - The housing bust and credit crunch have toppled two more banks, Reuters reports. Federal regulators have taken over First National Bank of Nevada and California's First Heritage Bank and sold them to Mutual Bank of Omaha. The undercapitalized institutions were the sixth and seventh to go under in the US this year, and banking regulators warn more are likely to follow. More »

      Tags

      bank  • banking  • FDIC  • bank failure  • Federal Deposit Insurance Corp.

    • Failed FDIC-Run Bank Added Fuel to Subprime Fire

      Wall Street Journal  |  Jul 21, 08 9:21 AM CDT

      Failed FDIC-Run Bank Added Fuel to Subprime Fire

      (Newser) - An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas bank that bought a portfolio of the loans is suing the government. More »

      Tags

      foreclosure  • subprime mortgage crisis  • FDIC  • bank failure  • IndyMac

    • FBI Begins Fraud Probe of IndyMac Mortgages

      Bloomberg  |  Jul 16, 08 7:11 PM CDT

      FBI Begins Fraud Probe of IndyMac Mortgages

      (Newser) - The FBI is investigating failed bank IndyMac for possible fraud related to its mortgage-lending business, Bloomberg reports. The agency is looking into whether the bank gave improper loans to people with shaky credit. It is working closely with the FDIC, which seized the bank's assets last week. IndyMac specialized in so-called Alt-A mortgages that did not require people to document their incomes, Bloomberg notes. More »

      Tags

      housing market  • bank fraud  • FDIC  • bank failure  • IndyMac

    • FDIC Hunts for IndyMac Buyer

      Reuters  |  Jul 14, 08 2:40 PM CDT

      FDIC Hunts for IndyMac Buyer

      (Newser) - The Federal Deposit Insurance Corporation is looking to sell recently capsized IndyMac as a whole to one healthy bank, an executive told Reuters today. The FDIC took over IndyMac on Friday after nervous customers withdrew more than $1.3B in 11 days. "I don't expect there will be large bank failures," COO John Bovenzi said. "There will be small bank failures." More »

      Tags

      subprime crisis  • money  • FDIC  • banks  • IndyMac  • Federal Deposit Insurance Corp.

    • Feds Seize Failed IndyMac Bank

      Wall Street Journal  |  Jul 11, 08 7:03 PM CDT

      Feds Seize Failed IndyMac Bank

      (Newser) - As mortgage lenders Freddie Mac and Fannie Mae crowded the headlines today, Washington snatched up IndyMac Bank in the second-largest US bank failure in history, the Wall Street Journal reports. The Pasadena, Calif. savings and loan, which owns about $32 billion in assets, saw stocks fall from $45 last year to 28 cents this week as mortgage defaults piled up. It will reopen Monday under federal supervision. More »

  • February 2008