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Pittsburg, Kansas | I try to remember to point out occasionally that I am not talking about local community banks when I rail against banking. They are just operating under current law like any other business.
You are right that the TBTF banks were not under the FDIC umbrella, but as I recall from my reading they have since transferred assets in such a way that now at least part of what they do is covered. In other words, after the taxpayer bailing them out, now they have positioned themselves so they are better covered by the taxpayer should the FDIC insurance run out of money and they can no longer squeeze the local deposit banks for more insurance money.
I don't know enough about banking to know, but it looks like to me their organizations like ABA are in the pocket of the big banks and the local banks ought to be giving them the middle finger. But i don't really know if that is the case. Looks like to me the local banks got screwed over big time by some reckless big banks. Now the local banks are paying the price in FDIC insurance fees.
John | |
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Banks and FDIC/CDIC
