FDIC IOU's? Not Quite Yet…

Larry Wright/ Detroit News

Larry Wright/ Detroit News

If you lost track of what’s happening with the FDIC, one of the few competent bank-related regulatory institutions we have left, they’ve overseen the failure of about 84 banks so far in 2009.

The FDIC had a fund to insure these banks’ depositors of about $53 billion a year ago, which had dropped to only $35 billion in April.

This week, we’re talking more like $13 billion.

IOU’s may be a bit extreme to be discussing, but then again, we live in an era of extremes…

Sources:

FDIC in Search of New Buyers (PlanetMoney)

Cartoon via Cagle

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