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After Barclays Capital had advised the FDIC on the sale of the failed Californian bank IndyMac in early 2009, BarCap and the FDIC began discussing various techniques that would create some liquidity and set a new market level, while also allowing the FDIC to monetize some of its investment. Selling the distressed assets onto the open market was considered a risky option, given the varied estimates of clearing prices of between 10 cents and 50 cents on the dollar. Other options included a re-remic structure (resecuritization of real estate mortgage investment conduits) or the sale of notes wrapped by a government guarantee. Raising cash via selling notes backed by failed banks’ assets was one method of raising cash without increasing deposit insurance premiums on banks or directly borrowing from the US Treasury. Working with Barclays Capital, the FDIC executed a series of transactions involving the sale of US-guaranteed FDIC senior certificates, which brought in an equity partner for a minority stake in the assets.