Treasury, FDIC And More: How Many Lies?

08/15/2009 • The Market Ticker

Crossed out by hand. The final presentation of this to The American People was missing this key disclosure. The FDIC has repeatedly stressed that "nobody has ever lost a penny of insured deposits", to wit: Finally, Mr. Evans' suggestion that the "government" could ever be "on the hook for uninsured deposits" demonstrates a misunderstanding of FDIC insurance. To protect taxpayers, we are required to follow the "least cost" resolution, which means that uninsured depositors are paid in full only if this is the least costly option for the FDIC. This usually occurs when a bidder for the failed bank is willing to pay a higher price for the entire deposit franchise. We are authorized to deviate from the "least cost" resolution only where a so-called "systemic risk" exception is made. This is an extraordinary procedure which we have never invoked. And again, any money we borrow from the Treasury Department must be repaid through

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Treasury, FDIC And More: How Many Lies?

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