Regulators on Friday closed Heritage Community Bank in Illinois, and Security Savings Bank in Nevada, marking 16 failures this year of federally insured institutions.
The Federal Deposit Insurance Corp. was appointed the receiver of the banks.
On Friday, the government announced plans to increase its stake in beleaguered Citigroup Inc. to as much as 36 percent by converting its preferred stock to common stock. While the conversion will dilute current shareholders’ investments.
Still, the news offered little comfort to investors who are worried about the stability of other banks.
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Obama keeps spending and banks keep failing, don’t he see that this is going in the wrong direction? Need to stop spending, cut taxes on the working people and do away with capital gain tax or at least cut it in half. If he want to spend we need to replace alot of military equipment and that would be more jobs, and we could use at least a 100,000 more troops in the military. By the way where is he going to find jobs for the NG troops he’s pulling out of Iraq?