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Thursday, January 15, 2009 3:47:21 PM
Actually ("When the FDIC seizes a bank, it's just that, seized. They don't pay whoever they seized it from anything. ") I must disagree and use the FDIC document as evidence as to why I disagree:
"The FDIC’s role and responsibilities when serving as receiver are defined by specific statutory
provisions contained in the Federal Deposit Insurance Act of 1950."
"The FDIC must be appointed as receiver for insured federal savings
associations and national banks."
"The FDIC as receiver is functionally and legally separate from the FDIC acting in its corporate role
as deposit insurer, and the FDIC as receiver has separate rights, duties, and obligations from those
of the FDIC as insurer."
"A receivership is designed to market the assets of a failed institution, liquidate them, and distribute
the proceeds to the institution’s creditors. The FDIC as receiver succeeds to the rights, powers, and
privileges of the institution and its stockholders, officers, and directors."
"Claims against the failed institution are paid from monies recovered by the receiver through its
liquidation efforts. Under the National Depositor Preference Amendment and related statutory
provisions, claims are paid in the following order of priority:
1. Administrative expenses of the receiver,
2. Deposit liability claims (the FDIC claim takes the position of all insured deposits),
3. Other general or senior liabilities of the institution,
4. Subordinated obligations, and
5. Shareholder claims."
"the FDIC is required by statute to maximize
the return on the assets of the failed bank or thrift and to minimize any loss to the insurance funds."
"Federal law applicable to all depository institution receiverships provides that a receiver’s maximum
liability to a claimant is an amount equal to what the claimant would have received if the institution’s
assets had been liquidated."
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