Thrift bailout would create huge institution

WASHINGTON Federal Deposit Insurance Corp. Chairman WilliamSeidman said Thursday the savings and loan rescue package pending inCongress would create a giant corporation with as much as $500billion in assets.

"That institution will be the largest depository institution inthe country," Seidman said at a news conference.

The Resolution Trust Corp. that would be created by thelegislation could take control of as many as 363 failed savings andloan institutions over the next three years, Seidman said. Thatincludes an estimated 220-225 institutions the FDIC is expected totake immediate control of under President Bush's $157 billion rescueplan.

So far, the …