WASHINGTON (FMLiveWire) - The Federal Deposit Insurance Corporation (FDIC) is now offering additional bonuses to depositors who have lost their life savings as US banks fail and as they receive minimal deposit insurance under new FDIC rules. Meanwhile, the FDIC "death watch" of hundreds of insolvent US banks continues.
FDIC will now give a few lucky depositors a free Chihuahua like the popular and loveable Taco Bell dog in a draw. As well, depositors might win a trip to Disneyland and even to Las Vegas where they can try to win back their lost savings.
"The FDIC now only insures deposits from $1,000 up to a maximum of $10,000 on a sliding scale," said FDIC Chairman Morton Minderbinder at a press conference at FDIC headquarters here in Washington, DC.
Present at the press conference were several of the scrappy little dogs on leashes as well as their sponsor Taco Bell.
"Insuring $100,000 deposits is obviously ridiculous and unattainable now given the finances of the US government under George Bush," he said in response to a reporter's question.
"Although our new FDIC program is being well received, especially our vouchers for free hamburgers and tacos for depositors, we felt something more was needed to compensate depositors for the loss of their life savings as banks fail," he added.
The FDIC chairman then speculated that his organization might give away a few gold coins to lucky depositors to ensure their well-being as the value of the US dollar sinks into oblivion while the value of precious metals skyrockets as hyperinflation takes hold.
The number of banks on the FDIC "death watch" has climbed to 629, the FDIC head mumbled as he munched a taco, one of the new benefits to FDIC depositors.
--Copyright Felix Minderbinder Live Wire
