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Banks and FedCo, ya gotta love 'em!

Banks Didn’t Pay into FDIC Fund for 10 Years,

Reserves Down to 43 Cents and a Pez Dispenser


from Strange Herring by Anthony Sacramone

penniesYou see, Congress didn’t think the banks had to make those contributions to the insurance reserve fund because they had so much cash, so what were the odds on a financial meltdown so disastrous that they couldn’t pay back all their depositors if they had to?

House Financial Services Committee chairman Barney Frank agreed that officials believed at the time that the good times would last and that bank failures would not be a problem.

“We had this period where we had no failures,” the Massachusetts Democrat said in an interview yesterday. “The banks were saying, ‘Don’t charge us anything.’ “

I know what you’re thinking: “Thank heavens the government is in charge of cleaning up this mess.”

But you’re being sarcastic, no?

Via The Consumerist

Posted in 2 + 2 = Whatever I Damn Well Say It Equals, Another Year Another Credit Card Bill

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