regulators shut banks in georgia, michigan, california & idaho
from bloomberg: Regulators seized banks in Georgia, Michigan, California and Idaho with total assets of $2.3 billion, bringing the tally of failures in the U.S. this year to 29, exceeding the total for all of 2008. American Southern Bank of Kennesaw, Georgia; Michigan Heritage Bank in Farmington Hills; and First Bank of Beverly Hills in Calabasas, California, were shut by state agencies. First Bank of Idaho in Ketchum was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corp. was named receiver of all four. The seizures will cost the FDIC’s insurance fund a total of $698.4 million, with more than half of that tied to the failure of the California bank. While banks in the other three states are being taken over by institutions in their regions, the FDIC couldn’t find a buyer for First Bank of Beverly Hills, forcing the regulator to assume the company’s $1.5 billion in assets.
protesters, police clash near imf meetings in dc
from afp: Seven people were arrested near the International Monetary Fund's Washington headquarters on Saturday as they tried to stop meetings taking place inside, police said. "Six people were detained for vandalism offenses and a seventh was detained for assaulting a police officer," Washington police spokesman Quentin Peterson told AFP. Two banks were attacked in disturbances that began early on Saturday morning and were aimed at disrupting the spring meetings of the IMF and World Bank. Police did not offer an estimate for the number of people involved in the disturbances, but organizer David Combs of the the Global Justice Action group said protesters numbered 300. Local media put the figure at closer to 100. "The aim of the protests was to express outrage at the IMF's long-standing (habit) of ignoring human rights and environmental concerns," Combs said. Protesters carried banners berating the Bretton Woods institutions and calling for an end to capitalism. They carried placards stating that "Capitalism is Crisis" and shouted slogans calling for the IMF to be shut down, before clashing with police. Law enforcers had earlier announced road closures around the IMF - which lies in central Washington, not far from the White House - until Sunday when meetings are scheduled to conclude. The World Bank on Saturday launched a 55-billion-dollar infrastructure investment program as part of efforts to help developing countries weather the worst global slump in decades.