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…
FDIC in Search of New Buyers (PlanetMoney)
Cartoon via Cagle