Saturday, September 29, 2007
What? You mean the dominoes haven’t stopped falling? I’m SHOCKED, I tell you
ING Direct, a subsidiary of the Dutch financial group, is to take over the customers and insured deposits of NetBank, an online lender with $2.5bn (£1.2bn) in assets that was shut down on Friday by the US government following losses on subprime mortgages and other loans. The closure marks the largest US bank failure since the end of the savings and loan crisis in the early 1990s.