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FDIC seeks public fund aid for failed banks

By Henny Sender in New York

Published: July 9 2009 03:46 | Last updated: July 9 2009 03:46

The Federal Deposit Insurance Corporation, the body that attempts to keep depositors’ money safe in the event of bank failures, wants the co-operation of large public pension funds as it seeks capital to buy failed banks or the assets of banks for which there are few buyers, including property holdings.

The State of New Jersey Pension Fund and the Teachers Retirement System of Texas were among those invited to a roundtable hosted this week by Sheila Bair, FDIC chairman.

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