FDIC collected no premiums from 1996 to 2006
The Boston Globe reports that the FDIC, which recently boosted banks’ fees to replenish its fund that insures our deposits, collected no premiums from most banks from 1996 to 2006. Because bank failures had become rare, the FDIC with Congressional approval suspended the collection of insurance premiums paid by many banks.
But a recent spate of bank failures, especially large ones such as Washington Mutual and IndyMac, have seriously depleted the insurance fund. No Oklahoma banks have failed in recent years.
Roger Beverage, president of the Oklahoma Bankers Association, reacted with anger to the new FDIC assessment of 20 basis points (0.20 percent) of every dollar of deposits.
“To say the least, this is outrageous,” Beverage said. “Our member banks have played by the rules, done things appropriately, made a profit, served their communities, and stood by while the Wall Street gang has gotten away with murder. They’ve stood by patiently, in an effort to be supportive of their regulators and their government while their reputations have been trashed by the media and the general public has increasingly lost confidence in their profession. They’ve been painted with the ‘bad guy’ brush, and now they get to pay for the sins of the clowns that took the banking system in the United States to the edge of the abyss? I mean, this is crazy.”
“As long as we’re on a spending spree in Congress and ‘bailing’ everyone else out, how about bailing out the good guys, the Oklahoma banks and the banks around the country that did it right, were honorable, played by the rules and stuck to their mission of trying to help their customers and their communities? Why are these guys the ones that are being punished and being painted as the bad guys? This is just incredible. I don’t know what we’re going to do yet, but we have to do something.”
Here’s a “60 Minutes” report on the FDIC’s closing of a Chicago-area bank, which includes an interview with FDIC Chair Sheila Bair.
Don Mecoy
Business Writer
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Isn’t it ironic that the bankers that have lost their jobs cant file Chapter 7 bankruptcy and must go c. 13 because of the bankruptcy “reform” they pushed through, and now, they have caused their own demise with bad loans, and now face havign to pay your ill gotten gains into the FDIC. HAHA. Eat —- boys, you now reap what you sowed on so many Americans, you killed the golden goose. LOL. Those of us who have been responsible look for ward to feeding you at the soup kitchen, not.