60-Minutes

What happens when a bank fails? You’ll find out in our lead story Sunday. 60 Minutes cameras and correspondent Scott Pelley were there a few months ago when the Federal Deposit Insurance Corporation surprised the employees of suburban Chicago’s Heritage Community Bank when they arrived on a Friday night to take over their failing firm. Pelley reports on the entire process, kept secret until the actual takeover to prevent a run on the bank. He also speaks to the FDIC Chair Sheila Bair, who says her agency has planned to spend $65 billion on such takeovers in the next five years. She hopes to educate the public about what her agency does when a bank fails. And as long as no customer has more money in one account than the insurance deposit limit of $250,000, "We have been around for 75 years and nobody’s ever lost a penny," she tells Pelley.

Watch an excerpt.

Then we go to Pakistan, where the conflict between the Taliban and the government has heated up even more…

Then we go to Pakistan, where the conflict between the Taliban and the government has heated up even more since correspondent Steve Kroft reported from there a few months ago. The country’s new president, Asif Ali Zardari, knows the problem is his government’s, unlike many of his fellow countrymen, who think the war against the Taliban and al Qaeda in Pakistan is a U.S. war. "We’re not doing anybody a favor?We are aware of the fact it’s? Taliban?trying to take over the state of Pakistan," he says. "So, we’re fighting for the survival of Pakistan. We’re not fighting for the survival of anybody else," he tells Kroft. It’s Pakistan’s war, but the U.S. and the world is watching because in Pakistan’s arsenal there are 100 nuclear bombs."

Watch an excerpt.

Next up, meet another truly remarkable young person. He swam into history at the Beijing Olympics, becoming the first person to win eight gold medals at a single Olympiad. The 23-year-old swimming phenom Michael Phelps tells CNN’s Anderson Cooper what his life is like as hundreds of endorsement opportunities roll in to make this U.S. Olympic superstar a marketing millionaire.

Watch an excerpt.

These stories, and Andy Rooney’s thing about newspapers, on this Sunday’s 60 Minutes, May 31 at 7 p.m. ET/PT.

Become a fan of 60 Minutes on Facebook.