The FDIC Is Still Broke
From page 13 of the FDIC's latest Quarterly Banking Profile:
...The Deposit Insurance Fund (DIF) increased by $5.5 billion during the second quarter to -$15.2 billion (unaudited). The increased amount included $3.2 billion from accrued assessment income, $2.6 billion from a decrease in provisions for insurance losses, and $119 million from interest on securities and other revenue. Unrealized losses on available-for-sale securities combined with operating expenses reduced the fund by $443 million...
Funny thing -- when I got my accounting degree twenty-five years ago, an "insurance fund" with a balance of -$15.2 billion was considered, at the very least, grossly underfunded, if not outright bankrupt.
Time to turn to our betters at the NYT for the official word from the Kremlin.
Do you understand yet?
UPDATE 2040 EDT 1 SEPTEMBER 2010: Junior Deputy Accountant throws her talents onto the issue.