Federal regulators and Bush Administration officials spent the weekend
reassuring bank depositors nationwide that their
deposits are secure and, as the ads say, insured by the Federal Deposit
Insurance Corporation (FDIC).
The public information campaign was launched to quiet fears that were
stoked by the failure of California-based IndyMac late
Friday. IndyMac, with total assets of $32 billion, became the third
largest bank to fail in U.S. history and its collapse is expected to
cost the bank insurance fund between $4 billion and $8 billion.
Regulators fear that depositors concern about their money will
spread to other banks hard-hit by the mortgage
crisis…