FDIC “ASSESSMENTS” – DISCRIMINATION?
Ford Motor Company and Toyota were not “assessed” for the failure of General Motors; Metropolitan Life and Chubb were not “assessed” for the failure of AIG; Lehman Brothers was not saved at all while others were saved at the expense of the U.S. Treasury. Why then we ask are the good banks (primarily community banks) being assessed to shore up the FDIC, a governmental agency? It was not enough that the insurance premiums we pay have recently more than doubled but in addition, the FDIC was given the right to “assess” the banks for its shortfalls. Indeed, on June 30, 2009 they assessed the banks $0.05 for $100.00 in assets (less bank capital) and it looks like this may happen again this year. The answer to why assess is because it is the path of least resistance and because the FDIC has been given permission to do so.
The good banks should be working for their shareholders, and keeping their depositor’s money safe not supporting the FIDC and why, when all other industries receive “bailouts” from the Federal Government should the good banks be treated like second-class citizens while those banks who caused our problems profit -- and the government ignores the issue?
Good banks are not asking anyone to feel sorry for us or extend us charity. What we do expect and demand is fair and equal treatment.