Saturday, September 29, 2007

What? You mean the dominoes haven’t stopped falling? I’m SHOCKED, I tell you

ING Direct steps in as US bank collapses

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.

Posted by jeremiah @ 09:14 AM (482 views)
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