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I found this interesting story on Bloomberg. Definately needs to be out there (if not already).

From Bloomberg.com:

http://www.bloomberg.com/...

Sept. 6 (Bloomberg) -- Silver State Bank of Henderson, Nevada was closed by U.S. regulators, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Depression.

Silver State, with $2 billion in assets and $1.7 billion in deposits, was shut by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp., the FDIC said yesterday in a statement. Nevada State Bank in Las Vegas will assume the deposits from Silver State, which was run by Silver State Bancorp. The failed bank's offices will open Sept. 8 as branches of Nevada State and National Bank of Arizona, the FDIC said.

Not surprised that a bank failed again. But guess who was in charge of it and like a rat off a sinking ship bailed....

In July, Silver State announced the resignation of Andrew McCain as a director of the bank. McCain, who had served on the audit committee and was a director for five months, is the son of Republican presidential nominee John McCain.

HMMM I guess the economy is just fine? Where did you hear that from Mcsame? Your SON??

I find it MORE than a coincidence that a month before this bank fails he quits? If you cant see the irony in that....

Originally posted to Bobacus on Sun Sep 07, 2008 at 04:51 PM PDT.

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