Guards posted outside dozens of shuttered financial offices in Rhode Island last week were ominous portents for the troubled U.S. banking industry. Only ) hours after he was sworn in on New Year's Day, Governor Bruce Sundlun shut down 45 banks and credit unions to prevent a run on deposits in the wake of the collapse of the private firm that insured them. While such private insurance has become a rarity, the closings aggravated the growing anxiety about the health of the entire financial system, as the U.S., already reeling from the savings and loan debacle, sinks into a new recession.
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