• FDIC Poised to Sue Former Directors and Officers of Failed Banks
  • January 22, 2010 | Author: Carl A. Fornaris
  • Law Firms: Greenberg Traurig, LLP - New York Office; Greenberg Traurig, LLP - Miami Office
  • As the financial crisis unfolds, the impact on U.S. financial institutions of all sizes continues to grow. The Federal Deposit Insurance Corporation (FDIC) took over 140 failed banks in 2009 at a cost of $27.8 billion to the Deposit Insurance Fund, a new high since the end of the savings and loan crisis of the late 80s and early 90s. For 2010, the FDIC is preparing for even more bank failures, increasing its budget by 35 percent and adding more than 1,600 to its staff.