FDIC projected to see red

POSTED: Tuesday, October 20, 2009 - 3:15pm
UPDATED: Friday, April 13, 2012 - 9:52am

WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Chief Sheila Bair told the Senate Banking Committe Tuesday, the fund will be in the red for two more years.

Bair says there is no reason anyone should worry about their deposit and that steps are being taken to immediately replace the dwindling fund.

The fund's value has reduced from 45 to 10 million dollars following the failure of 98 banks.

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