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October 7, 2008: In the U.S., per the Emergency Economic Stabilization Act of 2008, the Federal Deposit Insurance Corporation increased deposit insurance coverage to $250,000 per depositor. [146] During the 2008 global financial crisis, the BSE SENSEX experienced a sharp decline. It dropped from over 21,000 points in January 2008 to below 8,000 ...
The FDIC is the liquidator for most such financial institutions as failed banks. Unless otherwise stated, the FDIC is the liquidator for financial institutions who are not banking members (such as the SIPC) nor insurance companies (such as the FDIC). In taking action under this title, the FDIC shall comply with various requirements: [23]
FDIC Chair Sheila Bair cautioned during 2007 against the more flexible risk management standards of the Basel II accord and lowering bank capital requirements generally: "There are strong reasons for believing that banks left to their own devices would maintain less capital—not more—than would be prudent. The fact is, banks do benefit from ...
In July, US banking regulators proposed raising capital requirements for banks by an aggregate 16%, widening the scope of the new rules to include banks with as low as $100 billion in assets.
The FDIC sold the assets, all deposit accounts, and secured liabilities to JPMorgan Chase, but not unsecured debt or equity obligations. [39] Washington Mutual Savings Bank's closure and receivership is the largest U.S. bank failure in history. [40] Kerry Killinger, the CEO from 1988 to August 2008, had been fired by the board of directors.
The FDIC is called in when a bank fails and can't give depositors the cash in their bank accounts. A lot of focus has been on the. Recent bank failures have required the Federal Deposit Insurance ...
Bank stocks led the market higher over the past couple of weeks -- the KBW Bank Index of 24 big financial institutions surged 62 percent from March 6 to last Wednesday, compared to a 16 percent ...
United States Department of the Treasury. After the freeing up of world capital markets in the 1970s and the repeal of the Glass–Steagall Act in 1999, banking practices (mostly Greenspan-inspired "self-regulation") and monetized subprime mortgages sold as low risk investments reached a critical stage during September 2008, characterized by severely contracted liquidity in the global credit ...