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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: kollmhn who wrote (177560)	3/30/2013 11:12:09 PM
From: t4texas	2 Recommendations of 206162

this is an interesting article that while almost all valid, has one sentence (in quotes below) that seems geared to scare depositors and savers in us financial institutions. it is simply not true, because for anyone who reads the fdic.gov link below (I did.) it clearly only discusses treatment of unsecured creditors and shareholders of an fdic insured financial institution. it is discussed in several paragraphs in the .pdf file below, but it is mentioned first in numbered paragraph 11. anyone at an fdic bank with less than $250K in an account is a secured creditor (depositor) of the bank via the fdic insurance. it is interesting this fdic document from december 2012 already spells out in detail what is going to happen at banks that fail, and it appears cyprus is the first example. i bet the eu guys read this document and followed it. "No exception is indicated for "insured deposits" in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance." seekingalpha.com fdic.gov

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