They need about a half a trillion dollars in borrowing authority, and they need a vehicle to own these banks while we triage them and sell them.
The FDIC Deposit Insurance Fund currently has approximately $50 billion in assets.
He also said a big bank could go down:
It depends on the loss rate. If we are way over 1990s levels, by say the third quarter, then I would tell you there’s going to be some institutions that may not be able to raise private capital and may need a bridge.