Blatant moral hazard, but maybe fraud

Have you ever taken the time to notice that the most distressed banks are the ones that offer rediculously high rates of return on CD's? It's true, if you listed all the banks in order of highest return to lowest return, you would see the most distressed banks at the top of the list. Just look at IndyMac. This is basically a dead company. There is ZERO, zippee, no way this bank survives the next 12 months. They're done, but yet they are offering 4.45% rates on 6 month CD's when most "sound" banks are offering closer to 2%. How can they do this? By touting FDIC insurance, IndyMac can hide behind taxpayer dollars to basically lure good money into their cesspool of a money pit. Why in the fuck the regulators, congress and anyone with half a brain allows this to happen is a complete f'ing mystery. Why should taxpayers bailout any fools that throw their money towards IndyMac? FDIC was put in place to protect assets, not to provide a vehicle by which banks can offer rediculous returns on cash that will most likely never be paid back (by the bank). It's a travesty.

UPDATE: That didn't take long. Anyone who jumped in on those CD's will be bailed out by the public as predicted. Well, that is, if they stayed under $100k. Amazingly, not everyone did and they will suffer a shave and a hair cut on their savings.