Comments on: Your Bank Has Failed: What Happens Next?

60 Minutes Gets A Rare Look At How The FDIC Takes Over Banks And Reassures Depositors

[Newster1]

"The FDIC is backed by the full faith and credit of the United States,"

LOL this the SAME United States that every few months runs into a limit and almost goes bankrupt and then at the last hour they increase the borrowing debt ceiling another few billion dollars and stave off the inevitable collapse a little longer?

Only fools keep money in a bank, people learned nothing from the '29 panic when people coulsnt get their money. NOW of course even a disaster can prevent ATM's or the bank's computers from working at all without electric power.

[stevenlit]

Uh, One of my banks Washington Mutual, has already failed. The only ripple was changing some info and passwords for online banking. That occurred about a couple months after Chase took over. No big deal at all.

Steve, Salem, Oregon

[bensharon]

I take strong exception to the statement by Sheila Bair that the FDIC has covered all losses by account holders in FDIC insured institions.

My story....In 1987 I opend a $5000 CD with a instution named Rancho Bernardo Savings Bank. The bank started to have some problems (I determined later) & by 1994 was purchased by International Savings Bank(ISB). In 1995 the bank was again resold to Regency Savings Bank(RSB) & in 1997 consolidated w/San Diego National Bank, an institution still operating in San Diego but now owned by First Bank of Oak Park.(Chicago area firm).

I have the origional document showing the initial depost of $5K in 1987, plus form 1099-INT for the years 1988-1994, that I paid taxes on! But NO MONEY! During the 1995 transition of account information from ISB to RSB, it seems that my account did not get transfered. I missed the fact that in 1995 I stopped receiving 1099's & due to lack of oversight on my part, I didn't realize what had happened & try to retrieve the missing money until 2006.

I contacted the FDIC and the Office of the Comptroller of the Currency to ask for the assistance of a forensic accoutant to assist in obtaining the money from a documented account insured by the FDIC. I have only the origional proof that the account was opened in 1987 and 1099 forms 1988-1994.

Now for the real shocker....I was advised by both agencies that banks are allowed to destroy records after 5yrs....and unless I have evidence of the account within the past 5yrs., there was nothing they could do! Shame on them! I have solid proof that the account existed from 1987 through 1994, and I believe was "lost" during the transition period from one instition to another(probably would likely be explained away as a "computer glitch").

FDIC insurance is a partial sham. My deposit was supposedly insured by the FDIC but they refuse to cover my loss. I know there was one of those nice FDIC plackards on the front window of all the banks I delt with!

I'd be happy to provide complete documentation of my episode for any follow-up story on exceptions to Sheila Bair's statement that no depositor has ever lost money from an FDIC insured account. That's simple BS!

F. Eberle

[captainofthelaw]

By the way, I was responding to kcmom and the74blaster regarding the foreclosure rant

[captainofthelaw]

Both of you obviously have no idea about the terms and conditions of owning a home. If you do own a home you need to take a good, LONG look at how a foreclosure works. No person, even if it was me, should be allowed to keep their equity in a home where they couldn't meet the financial obligations of a bank. Banks have no other option than to unload it at a much lower price because of the depreciation value and the fact the bank is stuck paying for the remaining about due to their client skipping on their financial part of the deal. There is no profit for the bank, for the customer, for the government, for ANYONE! Plus, most of the homes that people foreclose on have been trashed, and who's going to pay to clean that up? Not the bank since they've already lost a great deal of money. And if a customer can't pay a mortgage, the bank loses all of the interest owed to them, the bank will struggle and jobs will be lost. And like I said before, NO ONE PROFITS FROM FORECLOSURE!! That's why we're in the situation we're in because everyone just walks away and they never do their homework as to how to have an affordable mortgage because they're too busy keeping up with the Jones' and living way beyond their means.

[hamiltongrad]

Call Barney F. and Chris Dodd.

[sockpuppet4]

Is Class Warfare Upon Us ?

I pledge allegiance
to the Flag
of the United States
of America,
and to the Republic
for which it stands:
one Nation
under God,
indivisible,
with Liberty
and Justice for all.

Houses are worth about half their former value for the first time in history.
No one. No one can find a job.
Republicans are bent on busting unions and social security.
The stock market has no controls to prevent speculators and short sellers making hash out of 401k plans.
We have fake wars costing ten billion per month.
Our country is printing trillions for stimulus.
All remaining jobs are fleeing to off shore.
The elite rich are putting their money off shore.
There is no bottom to the downward spiral trickle down has put us in.
The republicans spit at bi partisanship.
Rush Limpball is spreading propaganda for the downfall of the United States with the support of a radio station and support from the elite rich.
Borrowing is being touted to those with no means to repay.
Fort Knox vaults secures nothing but cobwebs.

Those foaming at the mouth for a buck, Elite lobbyist kissing, religion manipulating, Corporate puppet, superior minded republicans should all be behind bars.

The LORD is my shepherd; there is nothing I lack.
In green pastures you let me graze; to safe waters you lead me;
you restore my strength. You guide me along the right path for the sake of your name.
Even when I walk through a dark valley, I fear no harm for you are at my side; your rod and staff give me courage.
You set a table before me as my enemies watch; You anoint my head with oil; my cup overflows.
Only goodness and love will pursue me all the days of my life; I will dwell in the house of the LORD for years to come.

[spaceatoms]

Banks have gone too far being allowed to invest in derivatives; you have to ask yourself why they would be allowed to do such a thing when history has shown that we need banks to be stable for a prosperous economy. A bank should be allowed to lend money and charge interest on the money lent out, and then pay out interest and dividends to people who buy long term CD's and IRA and other things like Bonds. Its the deregulation of the banking system that has caused so much grief in this country and banks put their money into Wall Street which will be lucky to be around in a year. Too much greed by a bunch of uninspired thinkers who want more restaurants is the blame for this lackluster economy.

[w3research]

WAMUQ: Washington Mutual - WaMu Investors Demand Hearing, Investigation & Reversal of Washington Mutual Seizure ...

WAMUQ: Shareholder Information ...

wamu-shareholders-resources.com

wamurape.org


Excellent Video on What Really Happened ...

WaMu Truth: JP Morgan and FDIC Collusion Behind WaMu Seizure ...

revelationsmedia.com/wamu-truth-jp-morgan-and-fdic-collusion-behind-wamu-seizure

[w3research]

WAMUQ: Washington Mutual - WaMu Investors Demand Hearing, Investigation & Reversal of Washington Mutual Seizure ...

WAMUQ: Shareholder Information ...

http://www.wamu-shareholders-resources.com

http://www.wamurape.org


Excellent Video on What Really Happened ...

WaMu Truth: JP Morgan and FDIC Collusion Behind WaMu Seizure ...

http://revelationsmedia.com/wamu-truth-jp-morgan-and-fdic-collusion-behind-wamu-seizure