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I have to admit that I haven't really followed the FDIC stuff, so I was surprised when I saw this. I'm all for making profits, but this is just a wee bit excessive considering things.
Who wants to buy the crappy assets of that bank anyway? Sounds like a good deal for whoever buys it and should be. Obviously this example shows flaws in the system but remember the purchasing bank has to purchase ALL of the loans, not just the ones like the example where they make easy money. I wouldn't buy a damaged foreclosed home for full price so why should a bank pay full price for a another damaged foreclosed bank? And please don't tell me this is a taxpayer bailout because the FDIC is not taxpayer funded, even if it does borrow money in the future.
I'm just playing devils advocate. I'm sure theres another side to the story.
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