1. Should a bank go bankrupt what will happen to all your money?2. If you have a loan THEN the bank goes bankrupt, what'll happen to the loan?3. I heard you can gain political power by controlling the banks as politican, how does it work?Simple summaries please,Thanks in advance.
1 If its member of FDIC you can get back up to 250K 2 The banks are interconnected they bank who gave you the loan they might have sold it to other banks or entities. 3. I am not sure
1. fdic will take care of your money in the event the bank goes out of business up to 250,000 2. the loan is an asset of the bank, the fdic takes over and will sell it. you still owe the money. 3. you can't control the banks unless you hold a major interest in that bank. Like now, citi has more government influence in it than other banks. This is why you hear of many banks wanting to pay back tarp money so fast. this way they get uncle sam out of their way.
