F.D.I.C.
About
flag this descriptionThe Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. The FDIC insures deposits at 8,195 institutions. The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receiverships (failed banks).
Insured institutions are required to place signs at their place of business stating that "deposits are backed by the full faith and credit of the United States Government." Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.
The Board of Directors of the FDIC is the governing body of the FDIC. The Board is composed of five members, three appointed by the President of the United States with the consent of the United States Senate and two ex officio members. The three appointed members each serve six year terms. No more than three members of the Board may be of the same political affiliation.
Full description of Federal Deposit Insurance Corporation at Freebase
I am happy to report that we have a three-way understanding
WMI is confident that this agreement will provide substantial recoveries for the company's creditors, and that it is consistent with WMI's efforts over the last 18 months to maximize the value of its bankruptcy estate ... WMI is also pleased that this agreement vindicates the positions it took in court, as the company believes that its court positions created the pressure necessary to move this agreement forward.
This just hit us over the head, and now we're thinking about how to deal with it
It's pretty disappointing that creditors of a bank are treated worse than creditors of a holding company
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