FDIC

“The Asian financial crisis hit in the nineties and literally two thirds of the banks in Thailand went under, and there's no such thing as FDIC insurance in Thailand.”

“Particularly the FDIC, which was run by Sheila Bair, who was particularly difficult. And this caper, as my deputy Ron Bloom used to call it, almost fell apart over that problem.”

“The one caveat which the regulators made them put into these securitizations was that you had to be allowed to defer for up to five years before you went into default.”

“Something that's still little commented on today is that the Fed provided a bridge loan to the tune of two hundred and twelve billion dollars to the FDIC's bad bank.”

“We saw a similar situation recently when Silicon Valley Bank and Signature Bank went bust, and the FDIC took over their books. The FDIC was selling it. They were giving it away at very, very advantageous prices.”