FDIC to add workers to bank-failure division

[Pale Blue Dot]

Source: MSNBC

Anticipating a surge in troubled financial institutions, federal regulators will increase by 60 percent the number of workers who handle bank failures.

The Federal Deposit Insurance Corp. wants to add 140 workers to bring staff levels to 360 workers in the division that handles bank failures, John Bovenzi, the agency's chief operating officer, said Tuesday.

"We want to make sure that we're prepared," Bovenzi said, adding that most of the hires will be temporary and based in Dallas.

There have been five bank failures since February 2007 following an uneventful more than two-year stretch. The last time the agency was hit hard with failures was during the 1990-1991 recession, when 502 banks failed in three years.

Read more: http://www.msnbc.msn.com/id/23798121/

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Everything's fine though!

[slackmaster]

1. I did some work for the FDIC on a bank failure once

It was in 1990 in Orange County, CA when I was working as a technical consultant at Far West Savings & Loan, which was going down the tubes.

I helped the FDIC techies hook up access into our savings and checking systems. On a Friday afternoon we simply closed the bank down, stopped processing transactions, and proceeded to print checks and cover letters for the next 36 hours or so. All but a handful of the employees

I had a certificate of deposit there. I received my check in the mail on Tuesday.

I was impressed at the FDIC's ruthless efficiency.

[finecraft]

2. Donald Powell just resigned as "Gulf Coast Recovery Czar"

to return to Dallas to resume his career in banking. His former career in banking was head of the FDIC. I don't think his departure from New Orleans at this time was coincidence. Bet he'll be returning to the FDIC soon. I heard that the FDIC was contacting retired employees about a month ago asking them if they wanted to return to work. Things are not looking good.

[mbperrin]

3. See, the economy is great! They're hiring!!!

Right?:evilgrin:

[lonestarnot]

5. Yes.

:evilgrin:

[Earth_First]

4. Repeat after me: Everything is FINE! n/t