You Can't Trust Us? Come On, We're The Government! (Suze says so!)

Now for some facts, after you watched the government propaganda. All of these facts, unlike that propaganda, are in fact mathematical realities.

From Bloomberg:

The agency's deposit insurance fund, supported by fees paid by banks, fell to $13 billion in the first quarter from $17.3 billion in the preceding three-month period. The FDIC has imposed an emergency fee to raise $5.6 billion to rebuild the fund, with more assessments possible this year. The agency forecasts failures will cost $70 billion through 2013.

The FDIC lost most of its $50 billion original stake due to mismanagement, refusal to close troubled institutions, and according to the Office of The Inspector General:

May 21 (Bloomberg) -- The Office of Thrift Supervision authorized "inappropriate" backdating of capital by six institutions, including IndyMac Bancorp Inc., that led to "misleading financial reporting," the U.S. Treasury inspector general said in a report.

Oversight failures were "very serious" and included a senior deputy director in August instructing a lender to backdate and a regional director authorizing revised accounting, according to the report today. OTS left unchanged revisions at three unidentified thrifts. Republican Senator Charles Grassley said the actions were "completely unacceptable" and a congressional subcommittee planned an investigation.

http://www.321gold.com/editorials/denninger/denninger060109.html