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ING Direct steps in as US bank collapsesQuicklink Submitted By Sheila Samples 1 comment
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| 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. |
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.
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