how good is it......thanks John
If bank failures multiply, as some knowledgeable observers have forecast, the Federal Deposit Insurance Corporation (FDIC) which insures depositors funds could go broke.
This was the dire prediction of FDIC Chairman Sheila Bair, writing in a letter to banking industry executives.
Due to "rapidly deteriorating economic conditions" a large number of bank failures are possible, wrote Bair.
If that happens, according to Bair, "...current projections indicate that the fund balance will approach zero or even become negative.”
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The Pension Benefit Guaranty Corporation (PBGC) may be the next subject of a federal bailout — if General Motors Corp. (GM) doesn't get its own speedy injection of Uncle Sam's cash.
GM's own auditors doubt the survival potential of the auto giant. What's more, GM concedes that on top of money to cover operations, it needs to make $12.3 billion in pension contributions by 2014. Is GM the looming iceberg that will sink the already swamped Pension Benefit Guaranty Corporation (PBGC)?
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Evans-Pritchard: Dow 4,000 by Summer