"111 more lenders join list of 'problem banks'; FDIC says its funding is sound" by Alison Vekshin, Bloomberg News | August 28, 2009
WASHINGTON - .... If the fund is drained, the FDIC has the option of tapping a line of credit at the Treasury Department that Congress extended in May to $100 billion, with temporary borrowing authority of $500 billion through 2010....
And WHO is going to PAY the INTEREST on THAT, taxpayers?
The government has taken over 81 banks this year amid the worst financial crisis since the Great Depression. The surge forced regulators to charge banks an emergency fee to raise $5.6 billion for the FDIC insurance fund....
Related: FDIC Quick Fix
I hate saying I told you so, I really do, but.... FDIC Preparing For Massive Bank Failures
The United States has added 111 lenders to its list of “problem banks,’’ suggesting that a rising number of bank failures may force the Federal Deposit Insurance Corp. to deplete a reserve fund that shrank 40 percent this year....
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Also see: How the Bank Bailout Helped Americans
