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Nine banks went out of business on Friday

Nine banks went out of business on Friday

Friday market the largest amount of United States government take overs in one single day since the beginning of the financial crisis and the almost complete collapse of the financial sector of the United States.
The nine banks (which brings the total to 115 for the …

More banks are deciding not to take California’s IOUs

More banks are deciding not to take California’s IOUs

A couple of weeks ago, California decided that it would start having to borrow money from banks using IOUs; since then, many banks have decided that they will not accept the worthless sheets of paper being issued by the nearly bankrupt state.
Now, thousands of California …