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August 14th, 2009
12:34 PM ET

Financial Dispatch: Big bank on ‘brink of collapse’

Andrew Torgan
CNN Financial News Producer

Colonial Bank, a southern regional bank with about $20 billion in deposits, is on the verge of failure.

In granting a request made by Bank of America to freeze assets worth $1 billion, a federal judge on Thursday said Colonial is “on the brink of collapse” and is suspected of criminal accounting irregularities.

Colonial, which has more than 350 branches in five states, has been under investigation for some time. It was one of two banks raided earlier this month by federal agents.

If Colonial does collapse, it would mark the 73rd bank failure this year, and it would also be one of the top 10 bank failures in U.S. history.

In the event that regulators shut down Colonial, customers' deposits are protected: The FDIC's insurance fund guarantees up to $250,000 per person per account. And the agency says on its Website that it historically "pays insurance within a few days after a bank closing either by establishing an account at another insured bank or by producing a check."

FULL POST


Filed under: 360° Radar • Andrew Torgan • Economy
August 14th, 2009
12:07 PM ET

The President is expecting

Tom Foreman | Bio
AC360° Correspondent

The first time I ever went out on a real date it was marvelous. She was lovely and nice, with long brown hair, and a beautiful smile. We held hands and laughed, and briefly made out in her driveway until I inadvertently let the clutch go and the Biscayne lurched backward into the street scaring the life out of both of us.

Like I said, it was a great experience. And it was also a huge mistake. Because Jera (that was her name…no kidding) had wanted to go out with me for weeks; an anomaly of dating that I’d never experienced before and that I would meet precious few times in the future. She thought I was the nazz. The bee’s knees. Cool with a capital Q. When in truth, I was a skinny guy with glasses, an acne-constellation of Orion across my face, a forehead that excreted oil like a canola processing plant, and the fashion sense of a color-blind octogenarian.

In short, her expectations were far too high.

FULL POST

August 14th, 2009
11:58 AM ET

Send us your health care questions

Eliza Browning
AC360° Associate Producer

Health care reform has become quite a contentious issue over the weeks. Actually, make that years, or decades, depending on how you look at it. The rhetoric has ramped up on all sides of this debate and politicians, special interest groups and members of the public are weighing in with their concerns and opinions.

We're looking beyond the political battle at the proposed health care reform plan. We want to know what questions you have about the plans to overhaul the health care system. Do you need more clarification? What is most important to you?

Dr. Sanjay Gupta will answer your questions and give you specific information about what the reform could mean for you and your medical care.

Post your questions here!

August 14th, 2009
11:37 AM ET

Young Muslims: The Battle for Hearts and Minds

Eboo Patel
For the Washington Post

Are young Muslims going to be bombs of destruction or bridges of cooperation? That's the central question asked in Christiane Amanpour's documentary Generation Islam, which aired on CNN Thursday night, and for which I was interviewed.

There are 780 million Muslims in the world under the age of 25 – over 11 percent of the world's population. The median age in Afghanistan is under 18; the median age in Iraq under 20. Too many of these young people grow up in poverty. And while poverty doesn't cause extremism, it does create conditions that extremist groups like the Taliban exploit.

The Taliban's strategy is simple: build schools in villages too poor (and too poorly served by their governments) to afford their own.

Read more...


Filed under: 360° Radar • Eboo Patel • Islam
August 14th, 2009
11:29 AM ET

GOP's problem with Hispanics

Ruben Navarrette Jr.
Special to CNN

David Iglesias, the former U.S. attorney for New Mexico, is a cautionary tale for young Hispanics who think the road to political power leads through the Republican Party.

If so, it's a road with a lot of potholes. Iglesias went from the GOP's golden boy to its whipping boy - all during one administration. When the former Navy lawyer was appointed by President George W. Bush, Iglesias was thought to be a symbol of Republican inclusiveness and someone who might help lure Hispanic voters to the party.

But by the time Iglesias was fired - in December 2006, along with eight other U.S. attorneys - he had become a symbol of something else: how schizophrenic Republicans are on the issue of Hispanic political participation.

Keep reading...


Filed under: 360° Radar • 360º Follow • Hispanic
August 14th, 2009
11:12 AM ET
August 14th, 2009
10:06 AM ET

Morning Buzz: More than just health care?

Luo Shou Luan (left) is comforted as she looks at what is left of her home village, Shiao Lin, in Taiwan.

Luo Shou Luan (left) is comforted as she looks at what is left of her home village, Shiao Lin, in Taiwan.

Eliza Browning
AC360° Associate Producer

The ramped up debate over health care reform may be about more than just health care. What’s fueling the intensity behind the protests? Is it only the health care system or are protesters using this issue as a way of expressing their concern about the administration? We’re looking at the arguments of the protesters – both those who oppose the proposed reform and those who support it – and digging deeper on their real concerns.

President Obama is headed to Montana today to try to calm this rising tide of contention. He’ll be speaking at a town hall to about his plan to overhaul the country’s health care system. Montana Senator Max Baucus is a key figure in this issue, as he’s one of the lawmakers trying to draft a bipartisan plan. The proposals seem like pie-in-the-sky to some in big sky country and protesters definitely want his attention.

In all of the health care rhetoric, we’ve heard a lot about so-called “death panels” and “care rationing.” While these two fears may be unfounded, we talk to the people at the heart of this debate – senior citizens. We meet three sisters – all of them close to 80 – who have had their share of various hip and knee operations. They talk to Dr. Sanjay Gupta about their experience and why they think their surgery was so worthwhile.

FULL POST


Filed under: Eliza Browning • The Buzz
August 14th, 2009
09:47 AM ET

'Death panel' fears are false

Sen. Arlen Specter, left, answers questions Tuesday during a forum in Lebanon, Pennsylvania.

Sen. Arlen Specter, left, answers questions Tuesday during a forum in Lebanon, Pennsylvania.

By Douglas W. Blayney and Brenda Nevidjon
Special to CNN

The heated national debate on health care reform has taken an unusual turn, with many eyes focused on a minor provision regarding end-of-life care embedded in the House bill.

The measure provides coverage for Medicare beneficiaries who elect to meet with their medical team once every five years to discuss options for treatment if they become seriously ill. It's called end-of-life care or advance care planning.

Some opponents of the House bill have expended great energy and resources in recent weeks to convince seniors that this provision will somehow result in government-sponsored euthanasia.

Keep reading...


Filed under: 360° Radar • 360º Follow • Health Care
August 14th, 2009
09:17 AM ET
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