29 August 2008

NEWS Wars Rage On...meanwhile, Banks Tumble: Fed announces 10th US bank failure this year...

The wars rage on... martial law increases... globe-threatening nukes come back into play... Meanwhile, the banks continue to tumble: Fed announces closure of Integrity Bank, 10th bank this year, 29 August 2008.

Integrity Bank Becomes 10th U.S. Failure This Year (29 Aug 08):
Read full article on Bloomberg.com

"Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators today, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression... Banks are being closed at the fastest pace in 14 years as financial companies report more than $505 billion in writedowns and credit losses since 2007. California lender IndyMac Bancorp Inc., which had $32 billion in assets, was closed July 11 in the third-largest bank seizure, contributing to a 14 percent drop in the U.S. deposit insurance fund that had $45.2 billion at the end of the in the second quarter."

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