Credit unions launch a savings lottery, and everyone hits the jackpot – By Anne Stuhldreher – … To redirect that money, the credit unions explored how they could blend the excitement of the lottery with the certainty of socking away cash. After all, both are about pursuing aspirations. (One is just a much more fun way to do it.) In January 2009, the credit unions declared that for every $25 someone saved, the saver would earn an entry into a drawing for a $100,000 prize one year later. At the same time, they gave out monthly prizes of up to $100. T … – Washington Post
————
What Are Banks Doing with Their Depositors’ Money? – James Turk – … So if the banks are not making loans, what are they doing with depositor money? Well, they are still lending, but not to businesses and consumers. They are lending to the federal government. … – FGMR.com
————
J.C. WATTS: The mother of all bailouts to come – … The bill from Frank, D-Mass., would create a controversial Consumer Financial Protection Agency and codify a permanent bailout authority for the federal government. … An explicit authority would be created under the Frank approach to financial services reform to allow the Federal Reserve to make $4 trillion in commitments in unusual and exigent circumstances. This provides the Federal Reserve with more authority to bail out failing industries without the need for getting the prior consent of Congress … – Las Vegas Review Journal
————
Volcker Blames State Regulators for AIG’s Fall — and He’s Got a Point – By Ed Leefeldt – thanks Ira Artman – Bnet.com
————
FDIC To Securitize Failed Banks’ Assets – … (FDIC) is expected this week to price the first of three securitizations that will be backed by loans formerly owned by failed banks. … The securitizations will carry an FDIC guarantee and government backing. Assets will include residential, commercial and construction loans pooled from failed banks … – MortgageOrb