"Problem Bank List Hits 15-Year High"

the link

okay so listen to this:

The agency that guarantees bank deposits said Thursday there are no immediate plans to borrow money from the government to bolster its insurance fund, which has shrunk under the weight of collapsing banks.

The fund fell 20 percent to $10.4 billion in the second quarter as U.S. banks overall lost $3.7 billion, the Federal Deposit Insurance Corp. said. That's the fund's lowest point since 1992 at the height of the savings-and-loan crisis. Some analysts have warned that the fund could fall below zero by year's end.

what exactly does it mean when someone says banks LOST $3.7 billion dollars and the government pays it out in fdic insurance? to me it sounds a bit like, 'well the banks basically laundered a crap load of money through faulty loans, cashed in personally, drove their 'institutions' into the ground, called uncle sam, and after he paid off their investors they skipped town'. am i off base on this simple analysis?

he FDIC estimates bank failures will cost the fund around $70 billion through 2013. It's slipped to 0.22 percent of insured deposits, below a congressionally mandated minimum of 1.15 percent.

$70 billion for what exactly?

Despite the shrinking insurance fund, customers have nothing to worry about. The FDIC is fully backed by the government[/v], which means depositors' money is guaranteed up to $250,000 per account. And the agency still has billions in loss reserves apart from the insurance fund.

which really means our money is backed by our money. sounds a lot like we are getting scammed to me. where in the name of everything holy is all this money going to? i simply do not understand how all the crap is working out so well for the corporate elite and the bankers but is screwing the people over so badly?

the article continues but i dont have the heart to myself. this is so obviously a scam. the banks stole our cash in broad daylight and the government is trying to make us feel better about it all by saying 'oh dont worry the fdic has your back' when in fact the fdic has out back with OUR money, which makes it a lot like getting screwed twice int he same day.

wow, really rather angry about all this.

Yes it is a scam. What I am having a hard time figuring is who are checking up on these banks? I keep hearing about banks failing. How can a bank fail if they are constantly being audited and monitored. I mean don't the government have the power to tell banks that they are taking too much risk or limit the amount of risk a bank can take in order to prevent a bank from failing.

where in the name of everything holy is all this money going to?

Bonuses, mismanagement, parties, back to government, etc. etc.

U.S. District Court Judge Jed Rakoff's request for more information about $3.6 billion in bonus payments for Merrill Lynch employees was shockingly basic in its scope. But related revelations could strike a blow to BofA's standing in court, as well as to other companies that reach regulatory settlements without "officially" admitting to doing anything wrong.

The Securities and Exchange Commission settled its beef with BofA last week, planning to accept $33 million from the bank to resolve charge that BofA made "materially false and misleading" statements to shareholders. The SEC claims that Bank of America had known about and approved the hearty bonuses ahead of the Merrill-BofA merger.

www.thestreet.com...

Where do you think BOA is going to get that 33 million dollars?

reply to post by Animal


If you want more insight into exactly what this scam is come take a look at the videos I have supplied on this link :

The Creature from Jekyll Island : A Second Look at the Federal Reserve

There is 90 minutes of lecture by a man who's book of the same title as my thread who talks about exactly what the Federal Reserve is up to at the request of the politicians on Capitol Hill no less.

It is a game of Three-Card Monte and the American public is lost looking for the Red Queen.