Big Banks Owe $8.2Billion To US Government After Banking Crisis To Prop Up the System

Major US banks, including JPMorgan, Wells Fargo, and Bank of America, are poised to pay billions to the Federal Deposit Insurance Corporation (FDIC) to replenish an insurance fund crucial for propping up the financial system. Altogether, these institutions will shell out $8.2 billion, with JPMorgan contributing the largest sum at $3 billion. This payment stems from the FDIC’s “special assessment” system, primarily targeting large banks that greatly benefited from the protection of uninsured depositors.