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Inside Washington (08/24/2012)
  • WASHINGTON (8/27/12)--The Federal Deposit Insurance Corp. (FDIC) will partner with Securities Investor Protection Corp. (SIPC)--a non-government agency--in winding down systematically important firms in the wake of the financial crisis. FDIC and the Securities and Exchange Commission are working on a proposal under which SIPC will serve as a trustee for liquidating broker-dealer subsidiaries of firms in receivership. SIPC has expertise in transferring a large number of customer brokerage accounts from giant failing financial firms to new acquirers. But SIPC must also work closely with FDIC to prevent large failures from damaging the economy, said Anita Ryan, general counsel for eSecLending, a securities financing company …


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