Federal Deposit Insurance Corporation (FDIC) employees and supervisors are at the center of a media storm brewing after the Wall Street Journal published an extensive report on the agency’s “party culture.”
“A male supervisor at the Federal Deposit Insurance Corp. in San Francisco invited employees to a strip club,” the Wall Street Journal recently revealed in an article headlined “Strip clubs, salacious photos and a boozy hotel: The toxic atmosphere at the FDIC.”
“A supervisor in Denver had sex with his female employee, told other employees about it, and pressured her to drink whiskey while working,” the report continued. “Senior bank auditors sent photos of their penises to female employees. The agency tolerated a strong drinking culture.”
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Federal Deposit Insurance Corporation (FDIC) employees and supervisors are at the center of a media storm brewing after the Wall Street Journal published an extensive report on the agency’s “party culture.” (Getty Images/iStockphoto)
The key to the FDIC’s wild drinking culture, according to the Journal, was an “eleven-story hotel outside Washington where out-of-town employees stay when attending training courses.” The hotel “was a party center where people would throw up in the elevator and urinate off the roof after nights of heavy drinking.”
The report continued: “The FDIC spent more than $100 million in the 1980s to build a training complex in Arlington, Virginia, that included a hotel for agency employees with more than 350 rooms, an outdoor pool and a rooftop terrace “The hotel and training complex save the agency money,” the FDIC said.
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The FDIC’s heavy drinking culture has been highlighted on social media, including in an Instagram account that posted in 2021: “If you didn’t puke off the roof, were you ever really an FIS?” according to the report.
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The FDIC has come under fire for its handling of Silicon Valley Bank and other major financial institutions that failed this year. (Portal/Dado Ruvic/Illustration/Archive photo)
“It was just an accepted part of the culture,” Lauren Lemmer, a former examiner in training, told The Journal.
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Lemmer “quit her job in 2013 after three years during which she said she was denied opportunities for advancement, had a male colleague follow her to her Dallas hotel room during training, and was invited to a strip club in Seattle by other bank examiners and sent her an unsolicited application. Naked photo of a colleague.
The FDIC has come under fire for its handling of Silicon Valley Bank and other major financial institutions that failed this year.
Travis Hill, FDIC vice chairman and one of two Republicans on its five-member board, said the agency was slow to set up a platform for potential bidders to look at SVB’s finances after the March 10 shutdown. The so-called data space allows potential buyers to conduct due diligence on a bank’s business.
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The FDIC did not respond to a request for comment from Fox News Digital.
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