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What is the Federal Savings and Loan Insurance Corporation (FSLIC)?
Created about the same time as the FDIC, the FSLIC, which insured up to $100,000 in deposits at savings and loan institutions, also known as “thrifts.” In the 1980s, the “savings and loan crisis” caused the FSLIC to become insolvent.
In 1989 it was disbanded by the FIRREA Act and replaced by the Resolution Trust Company (RTC) which was merged with the FDIC a few years later. During the 1980s, a huge number of savings and loan companies (“thrifts”) went bankrupt.
The pressure on the FSLIC, which had been established during the Great Depression to insure thrift deposits for the protection of consumers, was just too much. The FSLIC was administered by the Federal Home Loan Bank Board (FHLBB), but both of them were voided by the Financial Institutions Reform Recovery and Enforcement Act of 1989.
This came after the FSLIC had already been bailed out by taxpayers once in 1986 and once in 1987, to the tune of about $25 billion total, which is worth about $53 billion in 2016.
In 2016 the FDIC insures all consumer deposits at member institutions up to $250,000 per person/beneficiary.
What are Foreign Deposits?
Where should I put my Healthcare savings?
What are Industrials Stocks?
Industrials stocks include companies that are in the business of construction and manufacturing
What is an FX swap?
A Foreign Exchange (FX) Swap is a short-term arrangement where a company or institution swaps domestic currency for another
What does overbought mean?
Overbought is a term used when analysis doesn't seem to justify the buying behavior of investors past a certain threshold
What is Cash and Cash Equivalents?
Cash and cash equivalents are negotiable instruments which have a stable value and are highly liquid
How often should I call my financial advisor?
While a client should be involved in communication efforts as well, it’s really the advisor that should be reaching...
What is a straddle?
Straddles are options strategies that use both a call and put on the same underlying asset at the same strike price
What is a commodities futures contract?
Commodities Futures are one of the most highly traded securities in the world. There are trillions of dollars in trades
What is Form 8282: Donee Information Return?
Non-cash contributions to a charity which are valued at over $5,000 must be reported on a Form 8282 by the organization
What is Ether?
Ether is the currency that powers the Ethereum network, which is a platform of distributed blockchain computing
What was the Best Day for the Markets?
The best day for the markets, in terms of the largest single-day point gain for the Dow Jones was October 13th, 2008