Monday, August 17, 2009
Colonial Bank Fails On Obama's Watch
As Wall Street banking giants reap the benefits of an upbeat stock market, commercial banks—often called the engine of our economy—continue to fail across the nation.
Colonial BancGroup became the largest bank failure of 2009 last Friday. Its assets were taken over by regulators and subsequently sold to BB&T Corp.
The failure of Montgomery, Ala.-based regional bank was the sixth-biggest in U.S. history with $25 billion in assets. Colonial operated 346 branches in the Southern United States across Georgia, Alabama, Nevada, Texas, and Florida.
Colonial's failure brings the total bank failures in 2009 to over triple the failures in 2008. It's a good thing these failures didn't occur under W. Bush - huh? Otherwise we'd have to listen to the Pillow-Biting Pbama Cultists bitch and moan. They won't say a word about this under FraudyObama, though. Nope. The Cultists are very dutifully obedient to their Kenyan Messyiah.
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