First Citizens Bank Buying SBB

O'Leary: The FDIC insurance, every politician will tell you that all that doesn't sell to not the taxpayer. That's a load of crap, Ola. Here's why. Banks themselves pay into that fund. So it's a burden on the banking system. On this transaction alone, 16% of that insurance was used up when the FDIC ate $20 billion worth of garbage on that balance sheet. It just goes to zero because they were idiots. And people that put their money with idiot bankers have to pay a price for that. "I'm not sure where the black swan idiot banker is and you never will be"