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FBN's Liz MacDonald on the FDIC suing the country's biggest banks over misleading mortgage-backed securities.
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-- all right thank you film.
Well the FTSE is a -- several big banks including Bank of America and Citigroup for selling toxic mortgage securities.
That led to the failure to small Illinois banks -- an adult is here.
Plus -- what does this mean for that for the bigger banks.
It's a big deal for the bigger banks does say something in the SEC has been out on the radar screen down on Wall Street.
Going after the big guns stand there but the big DC regulatory gun is the FDIC boy they can put a chill to the banking sector they are.
Basically suing Bank of America Citigroup JPMorgan Chase Deutsche bank and others for failing for helping to fail two banks in.
2009 that are based in Illinois take a look at these banks this is that basically strategic capital 169 million dollars -- losses there.
Citizens national also -- in Illinois total FDIC cost 206.
Million dollars again these are born by the banks themselves those costs are not born by the US taxpayers their reason why I say the FDIC is a big -- when it comes to regulators.
They -- stop an executive they can stop an official they can stop -- bank director from every joining a bank again in the future they are are powerful regulating do not wanna mess that they in the European Bank put.
What would they go after the big.
Banks yes they get -- I think they would go after all they -- -- is something they went after wobbly the biggest banks -- to -- and they got Kerry Killinger and other executives to settle there to think they've gone after 549.
Executives at banks.
At 63 different institutions that this is sort of flying under the radar screen what the FDIC is doing again and again I have to say.
Watch out banks who do not want the FTSE break -- on your doorstep -- I I know I do not.
Was Mac -- will not -- -- and people who are.
