{"id":193659,"date":"2008-11-26T06:02:00","date_gmt":"2008-11-26T11:02:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/26\/aggressive-fdic-oversight-worrying-banks\/"},"modified":"2008-11-26T06:02:00","modified_gmt":"2008-11-26T11:02:00","slug":"aggressive-fdic-oversight-worrying-banks","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/26\/aggressive-fdic-oversight-worrying-banks\/","title":{"rendered":"Aggressive FDIC Oversight Worrying Banks"},"content":{"rendered":"<p>It appears that the FDIC just started requiring that <a href=\"http:\/\/money.cnn.com\/2008\/11\/24\/magazines\/fortune\/fdic_benner.fortune\/index.htm\">banks deemed troubled by the FDIC must start reporting details of all its qualified financial contracts<\/a>. (QFC)<\/p>\n<p>What are QFC&#8217;s?  Basically they are the big sh*&amp;pile, MBS, CDS, etc.:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>QFCs are contracts between a bank and a counterparty, and they include everything from securities and repurchase contracts to currency and credit default swap agreements &#8211; some of the same murky derivatives behind Wall Street&#8217;s biggest blowups.<\/p><\/blockquote>\n<p>Why does this scare banks:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Many banks still don&#8217;t know their exposure to these products or details about the counterparties, which they are also required to provide by the new ruling. The way Bair sees it, they don&#8217;t know because no one has ever forced them to know.<\/p><\/blockquote>\n<p>The bottom line:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>If the FDIC rule passes, banks will have to be able to account for their exotic securities. These banks might have trouble.<\/p><\/blockquote>\n<p>Definitely, and it would have been far better that it had been done years ago.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It appears that the FDIC just started requiring that banks deemed troubled by the FDIC must start reporting details of all its qualified financial contracts. (QFC) What are QFC&#8217;s? Basically they are the big sh*&amp;pile, MBS, CDS, etc.: QFCs are contracts between a bank and a counterparty, and they include everything from securities and repurchase &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,985],"tags":[],"class_list":["post-193659","post","type-post","status-publish","format-standard","hentry","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193659"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=193659"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193659\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}