25 November 2009

FDIC insurance fund closes quarter $8.2 billion in debt

As the number of problem U.S. banks swells to the hundreds, the Federal Deposit Insurance Corporation is increasingly hard-pressed to fill in the gaps where institutions have put depositor's funds at risk.

Unfortunately, a dire prediction made by government officials in early 2009 has come true: the FDIC's deposit insurance fund is now broke, according to published reports.

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