Another $1.5 Billion Down The Drain
A week after the government lost $2.3 billion in bailout money on small business lender CIT, taxpayers watched another $1.5 billion go down the drain – this time on five separate bank failures that were announced Friday.
The U.S. government shut down United Commercial Bank of San Francisco and four other financial institutions, which brings the total number of bank failures this year to a whopping 120.
Bank failures haven’t topped 100 since 1992 – during the midst of the savings and loan crisis.
CIT’s bankrupty a week ago was the fifth-largest in American history, trailing only Lehman Brothers, Washington Mutual, Worldcom and the company formerly known as General (now “Government”) motors.
UCB specialized in loans for Chinese-American companies here in America as well as American companies looking to expand their presence in China.
Comments
By Liberty For Me on November 9th, 2009 at 3:03 pm
HMMMM..Think there is a reason India and China are cashing in their dollars for gold..DUH!!! People get a clue
By Ynot on November 9th, 2009 at 5:20 pm
look up their business structure people.
start taking notes and find the common denominator.
pleeeeasssse
By Cheraw Citizen on November 9th, 2009 at 9:52 pm
Beg all you want, Ynot. I started looking up stuff last year concerning business & government, one in the same, really.
I’ve had a whole new outlook on life since. Don’t sleep very well many nights.
Americans had best buck up, because unless a miracle happens, it’s gonna get worse.
I’ll say it once again: Things are the way they are because a select few like it like this & it benefits them. Anyone care to hear Obama say one more time how difficult his road to change is going to be for all Americans?
By dirtbogger on November 10th, 2009 at 11:09 am
Fits, wheres the Ron Paul Update? There had to have been 1500 people at the Carolina Coliseum. For any one not there, you missed one hell of a speach!
By James the Foot Soldier on November 11th, 2009 at 10:07 pm
One of the banks taken over by the FDIC last weekend received an award on FRIDAY by Treasury Secretary Geitner for exemplary lending practices!!!
Do these folks have their heads up their asses or what?!