> Because the bank was insured by the Federal Deposit Insurance Corporation (FDIC), the FDIC "absorbed the $47.1 million loss" after "Hanes’ fraudulent actions

> Because the bank was insured by the Federal Deposit Insurance Corporation (FDIC), the FDIC "absorbed the $47.1 million loss" after "Hanes’ fraudulent actions caused HTSB to fail and the bank investors to lose $9 million," the US Attorney's Office said. On top of those losses, Hanes' fraudulent actions caused "catastrophic losses to bank customers who relied on the bank for the safekeeping of their savings," the press release confirmed. Thank goodness for the FDIC here. A win for "big government."