Looks like FDIC needs YOUR retirement money.

[dixiegrrrrl]

" March 8 (Bloomberg) -- U.S. regulators are encouraging public pension funds that control more than $2 trillion to inject capital directly into the banking system by buying failed lenders, said people briefed on the matter.

The Federal Deposit Insurance Corp. is trying to attract pension funds that want to buy stakes or assets of distressed bank-holding companies, according to two of the people. Direct investments may allow public retirement funds to reduce fees for private-equity managers, and the agency to get better prices for distressed assets, the people said. They declined to be identified because talks with regulators are confidential."

http://www.businessweek.com/news/2010-03-08/fdic-said-to-encourage-pension-funds-to-invest-in-failed-banks.html

Translation:
FDIC cannot afford bail out ALL the banks in trouble

AND

"better prices for assets" means they want YOU, via your pension fund, to buy up the worthless toxic
loans the banks are holding.
Maybe your pension fund needs to hear from you.

Is there NOTHING they will not steal?
Our jobs, homes, tax dollars for rich banks, our Soc. Sec., our health benefits, and now our pensions.

[n2doc]

1. Nope, they plan to mine it all out

Then retire to their overseas waterfront compounds.

[StatGirl]

2. Ha, the joke is on them!

My retirement money already went down the Iraq rathole.

[4_TN_TITANS]

3. Mine vanished with the market crash.

If I'm not mistaken, the reason the FDIC cannot pay for everyone is because they haven't been taxing banks like they should have been.

[dixiegrrrrl]

4. Partly why FDIC is broke, yes.

The other reason is that FDIC, when it closes a bank, buys the banks toxic loans at FULL Value.
So FDIC is pretty much broke, and now wants to steal more of our money.

See here for the recent news of FDIC paying FULL value for crap:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x76571

[Celebration]

8. they don't buy the banks loans

True they are stuck with what they have as assets, and they can be toxic. But that is part of taking over the bank. But they don't "buy" the loans.

What they do, though, is make sure the depositors in the bank come out whole, at least up to $250,000.

Your link doesn't have to do with the FDIC paying full value for anything. It has to do with all banks having balance sheets that do not accurately reflect market value because their loans have not been written down.

[roamer65]

5. Soon all 401K's will have a mandated 10-20% purchase of gov't bonds.

Mark my words.

[northernlights]

6. my guess is next they'll institute real financial regulatory reform

by mandating every US citizen purchase stocks in toxic assets, or pay a penalty. There will be, of course, choice and competition. You won't be told exactly which toxic asset you are required to purchase. You'll be able to pick and choose from a menu of toxic assets.

[Hannah Bell]

7. interesting thing, this is what they did to the detroit teachers.

The last year’s tentative three-year contract between Detroit Public Schools and its teachers union included the district essentially getting up to $10,000 in interest-free and un-secured loans to be funded by each of Detroit’s educators for forty weeks.

The Detroit News reported teachers were being asked to agree to a $250 pre-tax deduction from 40 biweekly paychecks starting in January to fund the loan. Teachers would get the $10,000 back once they leave.

It’s called the grotesquely labeled, Termination Incentive Plan (Associated Press, December 6, 2009 http://www.mlive.com/news/detroit/index.ssf/2009/12/detroit_teachers_deal_includes.html).

It is incredible that such a clause was even agreed to by Keith Johnson let alone sold to members who must shoulder the loan...

http://dailycensored.com/2010/01/18/detroit-teachers-rebel-against-decades-of-degradation-and-the-policies-of-race-to-the-top/