[At-Large] ICANN Keeps it Money in a Non-Interest Bearing Account!
bfausett at internet.law.pro
Sat Nov 3 19:14:44 UTC 2012
One of the things that the United States federal government did in the wake of the "great recession" to shore up confidence in the banking system was to remove the cap on FDIC insurance for certain non-interest bearing bank accounts. (See, http://www.fdic.gov/deposit/deposits/changes.html). So ICANN apparently made a decision (the right one, in my view) that this extraordinary sum of money was better off in a fully insured non-interest bearing account than in any other place.
The FDIC rule expires on December 31, 2012, so unless it is extended, ICANN will have to reexamine this before the end of the year.
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