- Israel hits symbols of Hamas rule; scores killed
- Mississippi abortion law can’t be enforced
- Teacher who survived Sandy Hook has book deal
- Jury awards Jesse Ventura $1.8M in case vs. ‘American Sniper’ author Chris Kyle
- Government OKs Arab-owned company to operate U.S. cargo port
- Defense lawyer: McDonnell’s wife had ‘crush’ on CEO
- Chinese hackers stole ‘huge quantities’ of sensitive data on Israel’s Iron Dome
- House unveils bill to speed deportations of illegal immigrant children
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Mystery: $114 billion withdrawn from banks
Question of the Day
More than $114 billion has been withdrawn from the nation’s biggest banks in the first full week of January, and industry analysts are struggling to understand why.
The Federal Reserve’s latest figures indicate the largest one-week withdrawal amounts from U.S. banks since Sept. 11, 2001, terrorist attacks. The $114 billion represents 2 percent of the nation’s 25 biggest banks’ coffers.
One guess as to what’s going on: The Transaction Account Guarantee program, a government action aimed at protecting the solvency of smaller banks, ended on Dec. 31. TAG was a 2008 government creation that offered smaller banks unlimited insurance on money in certain accounts. The program’s end was expected to bring more withdrawals — but the smaller banks only lost .9 percent of their deposits.
Another guess: The Feds’ records are “wacky,” one analyst muses, in various media reports.
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About the Author
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at firstname.lastname@example.org.
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