Amid the daily reports of bank failure, there is a little bright spot: the FDIC (Federal Deposit Insurance Corporation) is doing its job quietly and effectively. Smaller banks that have failed because they took on too much risky debt (as so many banks did in the past several years—shame on them), are being repossessed by the FDIC, cleaned up and sold to new owners at a bargain who will hopefully run them with better sense than the previous owners did.
© 2009 Scott Wiersdorf