In The News

FDIC, auto industry and Wall Street in line for taxpayer bailouts

The Federal Deposit Insurance Corp. may soon need a taxpayer bailout of as much as $150 billion as local bank failures mount.

Bloomberg reported that the FDIC had $45 billion at the end of June, but will need $200 billion to pay claims by the end of next year.

Meanwhile, the U.S. House of Representatives has approved $25 billion in low-interest loans to bail out the ailing American auto industry.

On Thursday, Sept. 25, congressional leaders were frantically crafting a $700 billion taxpayer bailout for Wall Street. Bloomberg reported that lawmakers had neared an agreement. Senate Banking Committee Chairman Christopher Dodd, D-CT, said Republicans and Democrats agreed on a “set of principles” for a financial rescue package.