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...Vancouver, which will host the Winter Olympics in 2010, has already had its debt rating downgraded because its Olympic Village has turned into a money pit that could end up costing taxpayers as much as $1 billion. As for the total price tag for Vancouver's Games, estimates vary from $1.6 billion to $5.5 billion. (Read "In Hard Times, Olympic Plans Go On a Budget...
...money. By the FDIC's own revised estimate, the credit crisis, which has already claimed 95 banks this year, will cost the agency $100 billion. Half of that has already been spent. It's the other half the FDIC is having problems coming up with. As of the end of June, the FDIC had about $10 billion left in its insurance fund. That has put the FDIC in a tough spot. When a bank fails, it is up to the FDIC to guarantee that you'll get back the money (at least up to $250,000) you had in your...
...FDIC's second option is to borrow money from the Treasury Department. This is well within the rules of the FDIC. The agency has a credit line with the Treasury to tap as much as $500 billion in emergency capital through the end of next year. But the FDIC is worried that if the agency, which has always been privately funded through bank assessments, borrowed money from the Treasury, it would look like a new bank bailout, eroding the sliver of confidence the public has regained in our nation's banking system in the past few months...
Here's how it will work in the FDIC's case: Later this year, along with their scheduled 2009 fee, banks will pay the FDIC all of the fees that they believe they will owe the agency through the end of 2012. But even though the banks will make those payments this year, they won't show up on 2009 income statements. Instead, each bank will add an asset, a big one, to its balance sheet, right below where the cash they just handed over to the FDIC used to be. It will be called something like prepaid FDIC premiums...
...survey, investors were split on how much longer they think the recession will last, with about half saying they think it will end in the next year, 22% saying it will last another two years and 25% feeling it will stretch out beyond two years...