In Brief: When Should Banks Be Saved? (with Sheila Bair)
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Is the FDIC Taking Control Over the Weekend and Paying a Dividend?
If the FDIC had done what it originally said it was going to do, pay a dividend, it would have been at least 50%. When IndyMac bank failed, when I was chair, we paid a 50% dividend on that bank and that was a way worse bank than Silicon Valley. There is an expedited procedure for the FDIC to go and get congressional approval to do provide a guarantee for all uninsured deposits and transaction accounts. But doing these one off bailouts, and let's just take your point and assume that you're right. Okay, this is systemic and they had to do this. That is a real problem.
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