October 2, 2008
Bair market
If there's any good news about the financial problems affecting our country it's that there's at least one silver lining. Congress may be dysfunctional, but at least the FDIC is working as it's supposed to.
IndyMac was in fact taken over by the FDIC, becoming the IndyMac Federal Bank, while WaMu was acquired by JPMorgan Chase and Wachovia by Citigroup. So far as I know, not a single depositor at these banks has lost money. This is huge. And it suggests to me that if the Congress is unable to craft a deal for Treasury purchases of toxic assets, the nation is still in good hands as a result of the good offices of the highly professional, credible, and trustworthy Federal Deposit Insurance Corporation, run very well by Ms. Bair.
It seems quite a few mornings lately that I've woken to the news that another failing bank has been taken over. The FDIC has struck pre-emptively to insure that depositors are protected.
Posted by SoccerDad at October 2, 2008 5:57 AM
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