So far this year, the FDIC has closed 57 banks (list here) at a cost of about $12.7 billion to the deposit insurance fund. That is a lot of dead banks, and even more former bank directors and officers that may find themselves in the crosshairs of the FDIC in search of recovery for the billions of dollars it has paid out of the insurance fund -- that is, if there is a D&O insurance policy that could back up a judgment.
In an article at FinCriAdvisor, it was reported that the FDIC is sending out claim letters to managers of failed institutions in order to ferret out whether there may be insurance money available if the government were to bring a claim. This is the first step in what could be a replay of the cases filed by the Resolution Trust Corporation in the wake of the last surge in financial institution failures - the savings and loan crisis. And so it begins.