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Location: Georgia, on the Florida line, right above Tallahassee
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To put that in perspective, if hamburgers cost 1 dollar each, you could buy like a mega-crapload of hamburgers.
Cost of IndyMac bailout: Worse than the worst-case scenario | L.A. Land | Los Angeles Times (http://latimesblogs.latimes.com/laland/2008/08/cost-of-indymac.html - broken link)
When the federal government seized IndyMac in July, it estimated the failure would cost the FDIC's insurance fund somewhere between $4 billion and $8 billion. Yesterday the FDIC said the cost will be even worse than its previous worst-case-scenario estimate: $8.9 billion.
Yeah, there was a lot of speculation about how much that one was really going to cost. Most of us figured it would go higher. There is so much spin out there nowadays, so much cheerleading for the economy, trying to get everybody thinking that all is well. Doesn't look like it is.
Now we know the reason behind the Fed saying they would loan to the FDIC "just in case" a few week's ago. They probably knew the figures then and prepared for when it went public.
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