” The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, up to $250,000 per depositor per bank as of January 2012.”
“The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999) or the Citigroup Relief Act is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate.”
Would anyone care to guess why FDIC is and remains fraudulent?
*A Legitimate Answer*
“Federal Deposit Insurance – Items Not Insured
Some types of uninsured products, even if purchased through a covered financial institution, are:
* Stocks, bonds, mutual funds, and money funds
* Insurance and annuity products, such as life, auto and homeowner’s insurance.”
Thus , a clear reason why FDIC is able to underwrite commercial bank deposits is because the deposits were not being used for speculation .
When commercial banks were consolidated with investment banks and when investment banks collapsed taking commercial banks with them FDIC was not and is not indemnified to cover the loss of even one cent of commercial deposits for risk that is tied to investment banks whose practices do not qualify for FDIC underwriting ! ! !
*High Crimes and Malfeasance Ignored*
There is a revolving door of lawyers between the Department of Justice and the financial institutions, such that they are beyond prosecuting themselves .
Only the Senate has the authority to initiate impeachment proceedings and they are beyond incriminating themselves for their own domestic economic terrorism .