The Federal Deposit Insurance Corp. (FDIC) has authorized lawsuits against more than 50 officers and directors of failed banks. Seems like just more talk, doesn't it? Oh, the feds will just pretend to spank the bankers who took your house and your career away. But, according to Bloomberg News, it's the real thing:

FDIC May Seek More Than $1 Billion From Failed-Bank Executives

"The Federal Deposit Insurance Corp. has authorized lawsuits against more than 50 officers and directors of failed banks as the agency aims to recoup more than $1 billion in losses stemming from the credit crisis.

The lawsuits were authorized during closed sessions of the FDIC board and haven’t been made public. The agency, which has shuttered 294 lenders since the start of 2008, has held off court action while conducting settlement talks with executives whose actions may have led to bank collapses, Richard Osterman, the FDIC’s acting general counsel, said in an interview.

“We’re ready to go,” Osterman said. “We could walk into court tomorrow and file the lawsuits.”

The FDIC, which reviews losses for every bank failure, has brought only one case against officers or directors tied to recent collapses -- a suit filed in July seeking $300 million in damages from four executives of IndyMac Bancorp Inc.

When a bank fails, the agency’s investigators take about 18 months to complete their autopsies, meaning most of the probes stemming from the financial crisis are ongoing, Osterman said." Read on

You can help the FDIC by calling your elected officials to give support for punishing the bankers.

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