from cnn story on the Senate version of the bailout:
"How the Senate bill differs
The package adds provisions to the House version - including
temporarily raising the FDIC insurance cap to $250,000 from $100,000.
It says the FDIC may not charge member banks more to cover the
increase in coverage. But that doesn't prevent the agency from raising
premiums to cover existing concerns with the insurance fund, according
to Jaret Seiberg, a financial services analyst at the Stanford Group,
a policy research firm.
Instead, the bill allows the FDIC to borrow from the Treasury to cover
any losses that might occur as a result of the higher insurance limit."
-----
My comment: This is an even worse rip-off. FDIC is funded by bank
premiums to pay for the insurance. Increasing the cap but not
increasing the payment means FDIC has to get the money elsewhere --
i.e., the taxpayer.
Dan
_______________________________________________
pen-l mailing list
[email protected]
https://lists.csuchico.edu/mailman/listinfo/pen-l
