FDIC wants pension funds to buy failed banks.

[lonestarnot]

http://rawstory.com/2010/03/fdic-pension-funds-prop-failed-banks/

Over 140 U.S. lenders folded in 2009 alone. To remedy the financial void left in their wake, the Federal Deposit Insurance Corporation wants public pension funds, which safeguard the retirement funds of millions, to buy in part or in whole the banks that couldn't manage to keep their depositors' funds.

"Direct investments may allow funds such as those in Oregon, New Jersey and California to cut fees for private-equity managers, and the agency to get better prices for distressed assets," anonymous sources reportedly told Bloomberg News.

In a speech to the National Association for Business Economics Washington Policy Conference, FDIC Chairwoman Sheila Bair outlined what she called "a pre-funded resolution mechanism," but did not specify what exactly that is. She instead said it would be "similar to the FDIC's receivership authority for failed banks," exposing only shareholders to risk, as opposed to the bank bailouts that saw billions of taxpayer dollars funneled into a near-crippled financial system.



26 so far, 4 last week.



There goes some more of your shit. :) Anything left? :hi:

[FreakinDJ]

1. "anonymous sources reportedly told Bloomberg News"

Hhmmmm

[lonestarnot]

5. Cowards.

[Turbineguy]

2. Bailouts affect taxpayers now

This might affect retirees later. I think its a good idea, but only after they start lining bankers up against the wall and shooting them. Maybe they'll get the message then.

[Catshrink]

3. No way....

Just another way for the bankers to get their hands out our money.

[marmar]

4. They won't be satisfied until nobody has a dime to their name....

The FDIC can haz your pension.