The President proclaimed May 16 through May 22, 2010, as World Trade Week. Source
The United States Federal Deposit Insurance Corporation (FDIC) shut down Midwest Bank and Trust Company in Elmwood Park, Ill., which had about $2.4 billion in deposits and $3.2 billion in assets, as well as three smaller banks: New Liberty Bank, based in Plymouth, Michigan, Southwest Community Bank, based in Springfield, Missouri; and Satilla Community Bank, based in Saint Marys, Georgia. FirstMerit Bank, N.A., of Akron, Ohio, agreed to assume all the deposits of Midwest Bank and Trust and essentially all the assets. The FDIC and Firstmerit Bank agreed to share losses on about $2.3 billion of Midwest Bank and Trust assets. The move is expected to cost the deposit insurance fund about $216.4 million. The bank closings brought the number of U.S. bank failures for 2010 to 72. Source
United States Secretary of the Treasury Tim Geither briefed David Rockefeller and Lynn Forester de Rothschild and other members of the Board of Directors of the Peter C. Peterson Institute for International Economics on the Obama Administration's agenda for economic growth and strengthening the global financial system. Source
According to a Reuters/MSNBC report, "Indonesian militants captured in recent police raids were planning a series of attacks including a Mumbai-style hotel siege targeting foreigners and an assault on the president at an independence day ceremony, police said" and, "The men also planned to target U.S. President Barack Obama, who is scheduled to visit the country later this year, and plotted the attacks to install sharia law in the world's most populous Muslim nation, officials said."
This week's West Wing Week was released.
Day477/May15th/Saturday: In his Weekly Address, the President explains how Wall Street Reform would end bailouts and bring accountability for big banks, but, also, empower consumers, shareholders and community banks. Transcript Video
The President delivered remarks at the National Peace Officers' Memorial at the U.S. Capitol, a memorial ceremony for families of peace officers who died in service in 2009. Transcript Video
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