First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Now the Feds want to loan money from the banks

Defend Truth

Now the Feds want to loan money from the banks

American officials have proposed a $45 billion plan – financed by the industry – to rescue the insurance fund that protects bank depositors. This fund has been hit so hard by bank failures, it would be in the red this week. The Federal Deposit Insurance Corporation (FDIC) plan would have the industry lend money to the insurance fund by ordering banks to prepay annual assessments otherwise due through 2012. If adopted, this would be the agency’s third restoration plan for the fund within a year, raising $45 billion from the banks to replenish the deposit insurance fund and soaking up the industry’s earnings for this year (in the first half of the year the banking industry reported $1.8 billion in income). Officials emphasized that the plight of the fund would have no impact on insurance for bank deposits. Accounts are protected up to $250 000, but with nearly 100 bank failures so far this year, the fund has faced its greatest crisis since the savings and loan debacle of the 1980s and ’90s. Officials said that as of this week, the fund, which started 2009 with more than $30 billion and still had about $10 billion through summer '09, would have a negative net worth shortly, and, if nothing was done, the fund would be holding almost exclusively hard-to-sell real estate and other unmarketable assets by early next year.


Please peer review 3 community comments before your comment can be posted