This segment from this past week's 60 minutes shows you what happens when a bank fails. Very enlightening for sure. FDIC will have it's hands full over the next few years. I like Sheila Bair, Chairman of the FDIC she seems to be the most competent person in government. Watch the video, it is well worth your time. Make sure you enlarge the viewer to full screen by clicking on the lower right hand circle-Lou
Your Bank Has Failed: What Happens Next?
60 Minutes Gets A Rare Look At How The FDIC Takes Over Banks And Reassures Depositors
(CBS) A lot of people are worried about their banks these days. While devastated giants like Citigroup get bailed out again and again and again, many smaller banks are failing.
The federal agency that takes over unsound banks is the Federal Deposit Insurance Corporation - the same people who guarantee depositors won't lose their money. Most every Friday night now the FDIC seizes several banks. You haven't seen these takeovers happening because they're done secretly at night to make sure there's no needless panic by depositors.
Watch Video Here:
http://www.cbsnews.com/stories/2009/03/06/60minutes/main4848047.shtml
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