Thursday, November 26, 2009

FDIC Bank Insurance Fund Closes 2009 Third Quarter $8.2 Billion in Debt

The mainstream media is now reporting the facts that Remixx World! was reporting this past summer about the FDIC insurance being broke. You can read those previous articles FDIC is Officially Out of Money (Insurance Fund Has Negative Balance of $5.5 Billion)! and FDIC Says Bank Insurance Deposit Fund Balance is Negative! by clicking the appropriate link.

The fact being reported by The Wall Street Journal is the FDIC closed the latest quarter $8.2 billion in debt.

The FDIC said its deposit-insurance fund, which backstops trillions of dollars in deposit accounts, fell to a negative $8.2 billion at the end of September, an $18.6 billion drop from the end of June. The FDIC said one reason for the decrease was that the agency shifted $21.7 billion from the fund into reserves for bank failures over the next 12 months.

Source: The Wall Street Journal


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