Thursday, July 17, 2008

FDIC Fails. WaMu Bank Refuses to Cash Federal Check Backed by US Treasury?

The FDIC (Federal Deposit Insurance Corporation) fails across the board.

FDIC's Bovenzi cannot understand why people hesitate to take the government's Monopoly-money IOUs, lamenting that he is "deeply troubled by reports that there are financial institutions that are refusing to honor or are placing excessive holds on IndyMac Federal checks."

So much for the "full faith and credit" of the US government.
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