3 ms·
I can only imagine what would happen to the value of that USD were the FDIC invoked.
by ShorsHammer 8y ago
I can only imagine what would happen to the value of that USD were the FDIC invoked.
- vkou 8y agoFDIC insurance has been invoked many times in its history, including over 14 billion in payments over the last decade.
- ShorsHammer 8y ago$14 billion is hardly significant. The USD index certainly wasn't good until very recently: https://fred.stlouisfed.org/graph/?g=nJWC https://fred.stlouisfed.org/graph/?g=nJWC My bank in Australia has $500 billion AUD (~$350B USD) of cash deposits on it's liability book. That's just one bank.
- ceejayoz 8y agoNo need to imagine. It's a pretty routine procedure. https://www.npr.org/templates/story/story.php?storyId=102384657 https://www.npr.org/templates/story/story.php?storyId=102384... > The next day, Ric Carey, an Umpqua vice president, heads into that meeting. "The FDIC had taken a location approximately two miles from the main office of the bank in a hotel under a different name," he says later. "And they've been through quite a few of these. I think one of the gentlemen leading the discussion said, 'You know, I've done over 200 of these over my 25 years, and let me tell you how it's going to work.' "