Banks are the most unsafe institutions in the world. Worldwide, hundreds of them crash every few years. Two decades ago, the US Government was forced to invest hundreds of billions of Dollars in the Savings and Loans industry. Multi-billion dollar embezzlement schemes were unearthed in the much feted BCCI – wiping both equity capital and deposits. Barings bank – having weathered 330 years of tumultuous European history – succumbed to a bout of untrammeled speculation by a rogue trader. In 1890 it faced the very same predicament only to be salvaged by other British banks, including the Bank of England. The list is interminable. There were more than 30 major banking crises this century alone.
That banks are very risky – is proven by the inordinate number of regulatory institutions which supervise banks and their activities. The USA sports a few organizations which insure depositors against the seemingly inevitable vicissitudes of the banking system.
The FDIC (Federal Deposit Insurance Corporations) insures against the loss of every deposit of less than 100,000 USD. The HLSIC insures depositors in saving houses in a similar manner. Other...
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