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Inside Washington (11/03/2008)
* WASHINGTON (11/4/08)--Six individuals caused the financial crisis, said former Federal Deposit Insurance Corp. (FDIC) Chairman L. William Seidman while speaking on a panel at the International Association of Deposit Insurers (American Banker Nov. 3). The individuals Seidman named are: William H. Donaldson, former Securities and Exchange Commission chairman; Daniel Mudd, former Fannie Mae CEO; Alan Greenspan, former Federal Reserve Board chairman; Bob Rubin, former Treasury Secretary; Frank Raiter, Standard and Poor’s head of residential mortgage-backed securities; and Seidman himself ... * WASHINGTON (11/4/08)--Public comment is due on the Federal Deposit Insurance Corp.’s temporary plan to insure no-interest deposits and unsecured debt (American Banker Nov. 4). The program covers for three years senior unsecured debt that was issued between Oct. 14 and June 30. The coverage on zero-interest deposits expires Dec. 31, 2009 ... * WASHINGTON (11/4/08)--IntercontinentalExchange Inc. of Atlanta, which has been working with the Federal Reserve Bank of New York to launch a clearing house for credit-default swaps (CDS), announced that it is buying Clearing Corp., a Chicago-based firm that was its partner in the project. The planned merger could bolster the Federal Reserve Board’s case to oversee the CDS market, according to observers (American Banker Nov. 3). Clearing has received support from CDS players Morgan Stanley, Bank of America Corp. and JPMorgan Chase and Co. CME Group also is working on a rival swap that would be operated by the Commodities Futures Trading Commission. The Fed’s clearing house may be more popular, but it may not mean the Fed will regulate CDS business, said Kip Weissman, former attorney for the Securities and Exchange Commission ... * WASHINGTON (11/4/08)--The Federal Deposit Insurance Corp. (FDIC) rejected a bid by Wachovia Corp. to remain independent (American Banker Nov. 3). Wachovia presented the FDIC with a plan that included a loss-sharing agreement and proposed raising $10 billion in capital. FDIC Chairman Sheila Bair said Wells Fargo will buy Wachovia, and that the deal would close next month ... * WASHINGTON (11/4/08)--Up to 1,800 publicly held financial institutions are expected to apply for government investments during the next few weeks. Thousands of private banks could apply for capital as well, according to a Treasury spokesman (The Wall Street Journal Nov. 3). The institutions fear that if they do not apply for the funds, they will be left out of the rescue plan, the spokesman said. Applications are due Nov. 14 ...


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