Great Job Mike Castle!
Mike, you sure did a great job on those banking and finance committees for all those years!
- WASHINGTON – The federal agency that insures bank deposits, which is asking for emergency powers to borrow up to $500 billion to take over failed banks, is facing a potential major shortfall in part because it collected no insurance premiums from most banks from 1996 to 2006. The Federal Deposit Insurance Corporation, which insures deposits up to $250,000, tried for years to get congressional authority to collect the premiums in case of a looming crisis. But Congress believed that the fund was so well-capitalized – and that bank failures were so infrequent – that there was no need to collect the premiums for a decade, according to banking officials and analysts.
Tags: (h/t atrios)
That story is shocking and scandalous. Oh well, I guess it’s time to light more piles of money on fire.
It goes without saying that the Federal and State governments were so well capitalized for years, that they were very unlikely to fail….but still they insisted on collecting my taxes.
Very well put.
Castle is a horror, but Karen WS must be studying the demise of the banking system not having reserves….what she proposes for the insurance industry is just as bad as what Castle has done. Have you sent your email to stop her, yet?
Castle thinks we should all forget his deals with his banking buddies, supporting stem cell research proves he really is a moderate, right?
Here is a little blip for you to check out. Wachovia, and 4 large banks have been caught laundering drug money from Mexico and Columbia. Dont believe it….google: wachovia + drug money!
Today I had to go to Wachovia with a friend. They obviously are concerned with people finding out how they have been laundering drug money….cuz they had a greeter…good afternoon when you arrive, and thanks for banking at Wachovia Ms…….! Now you know why the banking system has failed….check out all the others involved: JP Morgan Chase, Goldman Sachs, Harris Bank etc.
Without that drug money propping up the banking system…collapse.
Castle has yet to co-sponsor HR 676 (Single Payer Health Care)
Single Payer Health Care is the kind he gets, but you don’t.
Set him straight at 202 225-4165