Kevin Lamson

The U.S. Banking System is Effectively Insolvent

There was a time in this country where bank shareholders were responsible to bank creditor/depositors if the bank became insolvent. Sadly now over paid executives and directors can bankrupt a bank and the FDIC is responsible to depositors for deposits up to $100,000. This was done to replace shareholders liability to depositors. Now some politicians are be seduced into plan that involve guaranteeing money market funds and amounts on deposit over $100,000. This is simply outrageous.