Following in the footsteps of LL Cool J, the FDIC is going Back to the Future, bringing the 1980’s S&L gang-bangers out of retirement for one last drive-by on frontin’ financial institutions.
From the Financial Times:
A US bank regulator is recruiting retirees who worked during the savings-and-loan crisis of the 1980s and 1990s as it seeks to boost staff ahead of an expected increase in bankruptcies.
The Federal Deposit Insurance Corporation (FDIC) is planning to increase numbers by about 60 per cent at the division that handles depository bank closures.
The resolutions division at the FDIC – which was formed in 1933 following a wave of Depression-era bank failures – saw the first bank failures since 2004 last year, when it managed three closures. It has overseen two bank failures so far this year and currently has 76 names on its list of problem banks.
If Weird Al can do it, I guess these guys can do it too:
[youtube http://www.youtube.com/watch?v=-xEzGIuY7kw&hl=en]Source:
US bank regulator hires crisis experts
Joanna Chung
The Financial Times