...misunderstood in the posted interpretations of such as CASH; it is not.
...much the same as with the $165B Mortgage Backed Securities, etc.
...if one would look to the FDIC-Receivership CLAIMS (notice, I use the term CLAIMS while the theory is that such is CASH and "is coming back"), one would note the $151,150,664 FDIC SUBROGATED CLAIM.
...so, why is there an FDIC SUBROGRATED CLAIM?
...well, that is how it works for the FDIC-C insurer protection claim on behalf of the "insured deposits" (there were almost $40B of depositor accounts that were not insured at the time; generally total $188B).
As the deposit insurer, the FDIC is obligated to satisfy deposit liabilities of a failed institution up to the deposit insurance limit. The FDIC in its corporate capacity then “steps into the shoes” of the depositor as a claimant and files its subrogated claim against the receivership estate. The FDIC, like other creditors in the same class, then is paid a pro rata share of its claim based on the liquidation value of the receivership assets.
...here is the FDIC Subrogated Claim for $151,150,664.
...other than the FDIC reference above, a more detailed explanation.
AI
