Rumblings on the street

I am told that a loan trader at one investment bank is all in cash and has his wife running around opening savings accounts at various banks so that his money will be covered by FDIC insurance. Needless to say, this negativity is not reflected on his firm's website. If he's so apocalyptic what makes him think the FDIC will be adequate able to save him. One would think he would be comforted by the agency's recent action, as reported in the New York Times

At the end of July, the Federal Deposit Insurance Corporation proposed a new rule that would require troubled banks under its regulatory wing to produce, on the agency’s demand, detailed records of swaps and other financial contracts, their current market values, collateral posted by counterparties, the identities of those parties and copies of the agreements.

Golly, that's a fine idea. Why didn't I think of it? Should be helpful.