FDIC may borrow money from Treasury: report
REUTERS
27-Aug-2008 (one comment)

Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported. The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said. The borrowed money would be repaid once the assets of that failed bank are sold.

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Shining Head

...... the day that "salt" rots and stinks !

by Shining Head on Wed Aug 27, 2008 12:16 PM PDT

There is a saying in Iran that goes like this (translated later): " Harcheh Begandad namakash mizanand, y b' roozi ke begandad namak" .

Rough Translation: Whatever is to rot and stink, they apply Salt to it to preserve it and prevent it from rotting, wait for the day that Salt itself rots! .

This is the story of America today and the FDIC. FDIC is a federal insuance company that insures banks, so that if a member bank is going down the depositors don't lose their deposits. This was created after Great Depression and the fact that so many banks went down and their failure caused hawok in the economy. Now FDIC itself is going down!. Thanks "W" and company. "World" will remember you forever for what you have done to this (once) great nation!



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