The Federal Deposit Insurance Corp. has struck...
The Federal Deposit Insurance Corp. has struck out in its initial effort to sell nearly $1 billion in bad loans acquired in the largest-ever government bank bailout, officials said. Only 17 of the 274 bidders were financially qualified to buy the loans, originally worth $865 million, for a minimum of $299 million. A plan approved by the FDIC board in February to publicly offer the loans from Continental Illinois Corp. in six large portfolios failed, but a spokesman said efforts would begin immediately to sell the loans in smaller packages.
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