Thursday, March 12, 2009

Supreme Idiocy

This is just incredible: Now-needy FDIC collected little in premiums

Money quote:

The Federal Deposit Insurance Corporation, which insures deposits up to $250,000, tried for years to get congressional authority to collect the premiums in case of a looming crisis. But Congress believed that the fund was so well-capitalized - and that bank failures were so infrequent - that there was no need to collect the premiums for a decade, according to banking officials and analysts.

Holy crap.

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