FDIC Meeting Transcript.pdf

2008-09-29_FDIC_Board_of_Directors_Meeting_Closed_Session.pdf
Preview of FDIC Meeting Transcript
🔗 Source: ypfsresourcelibrary.blob.core.windows.net
📊 Size: 127 KB
👤 Author: J. Argyl Plath
⬇️ Downloads: 63

Summary

The FDIC Board of Directors met on September 29, 2008, to discuss Wachovia Bank, National Association, and its affiliates. Staff presented a recommendation to find that the failure of Wachovia would have serious adverse effects on economic conditions and financial stability. They recommended accepting Citigroup's bid as the least costly method to mitigate systemic risk, with no expected loss to the Deposit Insurance Fund. Wachovia's rapidly deteriorating financial condition was due to its portfolio of pay option ARM products, commercial real estate portfolio, and weakened liquidity position, with market acceptance of Wachovia liability ceasing on September 26.

Description

The FDIC Board of Directors met on September 29, 2008, to discuss Wachovia Bank, National Association, and its affiliates.

Technical Information

  • File Format: PDF
  • File Size: 127 KB
  • Pages: 24
  • Language: EN
  • Author: J. Argyl Plath
  • Total Downloads: 63
  • Last Updated: 11 hours ago

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