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FDIC estimated bank losses in 2008 half of actual

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posted on Aug, 26 2009 @ 08:27 PM
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FDIC press releases cost to FDIC estimates are less than half the actual costs to the FDIC.

Here's 2008



Here's 2009



Actual loss numbers are from their annual report Key Statistics Appendix. www.fdic.gov...

I put into a spreadsheet the costs of this years' and last years' bank failures to estimate where this years' FDIC funds are (Balance in March was $13B). The FDIC does have a credit line of $500B tapped into our future paychecks generously granted by our Congressfolk. (online.wsj.com...)

The estimate numbers are from FDIC Failed Bank Information pages
(example: Guaranty Bank)
www.fdic.gov...
and the associated press release
www.fdic.gov...
Which has a statement like "The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3 billion." Actual total losses will probably be about 2.3 times their estimate on average.

If the FDIC started this year with $17B in funds, and the actuals may be $51B 2009 to date, then the FDIC is in the red by $34B.

[edit on 26-8-2009 by Dbriefed]




posted on Aug, 26 2009 @ 10:36 PM
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Whoops.

Second line, second line, I wrote a second line so I should be fine.



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