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Resource ID: #23994
Subject: Banking
Source: Bloomberg News (New York)
Date: 2008-09-25



"Hedge funds in swaps face peril with rising junk bond defaults" examined the complexity of credit default swaps, which are unregulated securities that were supposed to act as a form of insurance and protect investors against risk. "FDIC may need $150 billion bailout as local bank failures mount" reported that many regional banks in the country would fail within a year because they hadn't realized losses on defaulting mortgages. "Exploiting FDIC loopholes enriches former U.S. bank regulators" revealed that three former government employees created a for-profit company that exploits FDIC rules and helps millionaires insure up to $50 million in bank accounts guaranteed by the FDIC.

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