February 8, 1991 |
A deep recession lasting a year or more could wipe out 440 banks, the chairman of the Federal Deposit Insurance Corp. said Thursday. But he expressed confidence that the industry is healthy enough to bolster the ailing deposit insurance fund. L. William Seidman told the House Budget Committee that his agency, which operates the insurance fund with premiums collected from banks, "can provide a plan to handle losses through late 1991 without any new legislation."
February 26, 1991 |
The insurance fund that backs the nation's troubled banking industry may seek a $10-billion loan to avoid a looming cash crunch, its chairman said Monday. Federal Deposit Insurance Corp. Chairman L. William Seidman, speaking to journalists at a banking industry conference, said the loan should be enough to see the fund through 1991. "But we ought to be looking at further plans for beyond that," Seidman said.
January 31, 1991 |
The head of the government agency that protects bank deposits said today that the giant insurance fund could be depleted by the end of this year if the recession is longer and deeper than currently expected. William Seidman, the chairman of the Federal Deposit Insurance Corp., said, however, that even if the more pessimistic scenario does develop, the government will be able to replenish the fund with larger contributions from the banking industry.
May 30, 2012 |
"Bring back Glass-Steagall!" That's the cry you hear most often for restoring regulatory stringency to our misbehaving financial sector. The 1933 law, which barred commercial banks from underwriting or investing in stocks - in effect, from owning investment banks - was repealed in 1999, and reinstating it is a good proposal for several reasons. But what the 2008 financial crash and misadventures such as JPMorgan Chase's multibillion-dollar derivatives loss tell us is that reinstatement of the old law isn't enough.
December 31, 2008 |
Federal regulators officially rejected a banking industry push to suspend accounting rules that force banks to value assets on their balance sheets at current market prices even if they plan to hold them for years. The Securities and Exchange Commission issued a report to Congress that recommended maintaining so-called mark-to-market rules but suggested improvements to current accounting practices.