Federal Deposit Insurance v. Philadelphia Gear Corp.

Justice Marshall, with whom Justice Blackmun and Justice Rehnquist join,

dissenting.

There is considerable common sense backing the Court’s opinion. The standby letter of credit in this case differs considerably from the savings and checking accounts that come most readily to mind when one speaks of an insured deposit. Nevertheless, to reach this common-sense result, the Court must read qualifications into the statute that do not appear *441there. We recently recognized that even when the ingenuity of businessmen creates transactions and corporate forms that were perhaps not contemplated by…