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The Office of Thrift Supervision on Thursday closed BankUnited of Coral Gables and appointed the Federal Deposit Insurance Corporation as receiver. BankUnited was "critically undercapitalized and in an unsafe condition to conduct business," the OTS said in a statement. The bank reported losses of $1.2 billion in 2008. BankUnited had $8.7 billion in deposits and 85 branches, including 23 in Broward County and 16 in Palm Beach County.

Why U.S. Treasuries look increasingly unattractive. BY TIERNAN RAY OOOF! It's a tough day for sovereign credit. Rating agency Standard and Poor's this morning lowered its outlook on the U.K.'s debt from Stable to Negative on concerns that the Kingdom's borrowing could reach 100% of its gross domestic product by 2013. This is a potential prelude to an eventual cut in the U.K.'s triple-A rating. The U.S. may not be as close to the U.K. at getting its credit spanked, but the U.S.'s ballooning deficits and heavy borrowing make U.S. Treasuries increasingly look unappealing.

Thousands of Home Valley Bank customers recently learned that their Presidential Guarantee accounts have become decidedly less presidential. Instead of paying a promised 3 percent interest yield annually on the special checking accounts, the southern Oregon bank in mid-April unilaterally cut the rate to 2.02 percent. Don't blame us, Home Valley executives said. Blame the FDIC. In February, the federal agency that insures deposits approved a one-time special assessment that will increase the annual charge paid by many Northwest banks by three times or more. That leaves Home Valley and the other 8,300 banks across the country facing a significant...

On a vote that was so close that Farmington Mayor William Standley had to cast the tie breaker, officials of the Four Corners community rejected installing red-light cameras ... There are three municipalities in the state that use or are planning to use red-light cameras to enforce traffic laws: Albuquerque, Las Cruces and Santa Fe.

Farmington attorney who opposes red-light cameras in Farmington is fighting two tickets he received after his cars were caught on camera zipping through Albuquerque intersections. He contends Albuquerque’s ordinance violates state law and the federal constitution. He says he wasn’t driving but purposely hasn’t asked family members who was.

Government obligations for Social Security and Medicare may soon exceed the combined net worth of every household and nonprofit organization in the country. Prices dropped last year. But we still need to invest to protect ourselves from inflation. That's why our retirement-plan investing needs an inflation "tilt." You'll understand why in a few paragraphs. How bad will future inflation be? I don't know. Neither does anyone else. It could be a normal inflation of 3% to 4% a year. It could also be a banana-republic 10% a month. What we know is that all governments make promises they can't fulfill....

The U.S. Department of Education has just released the latest findings from the “Nation’s Report Card,” the leading nationwide measurement of educational outcomes. The findings contained good news for critics of the 2001 federal education law No Child Left Behind (NCLB). But supporters of the law got good news of their own. The good news for the critics is that the Nation’s Report Card shows reading and math scores still have not substantially changed since 1971. The good news for supporters is that the Nation’s Report Card shows reading and math scores still have not substantially changed since 1971. Welcome...

Regulators seized a Bremerton, Wash., bank late Friday as the financial crisis claimed its 33rd federally insured financial institution of 2009. The Federal Deposit Insurance Corp. estimated that the failure of Westsound Bank would cost its deposit-insurance fund $108 million. Westsound is the second Washington bank to be closed by regulators so far this year. Westsound had total assets of $334.6 million and total deposits of $304.5 million as of March 31.

(snip) SEN. JOHN MCCAIN (R), ARIZONA: Well, first of all, Neil, they should not be eligible for any benefits. That would be crazy. But the major point here is that President Obama, with great fanfare, announced the closure of Guantanamo Bay, the prison at Gitmo, as we know it, and then, nothing. In other words, they did what, you know, that everybody would like to see done at least around the world, et cetera, but then no addressing of the fundamental issues associated with it. What do you do with the detainees? What sort of system of trials do you...

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April was a cruel month indeed for new Homeland Security Secretary Janet Napolitano. The weeks before the Swine Flu outbreak found her stumbling through reporters’ questions about a DHS threat assessment memo on “Rightwing Extremism.” That memo urged law enforcers nationwide to monitor the allegedly gathering danger from Rightist radicals, including pro-lifers, immigration opponents, and those who reject “federal authority in favor of state and local authority.” Was this a sinister conspiracy by an administration full of Chard-sipping arugula eaters determined to spy on Red-State patriots? That‘s quite unlikely: The memo was commissioned during the Bush administration, as was a...

In a decision that could force Silicon Valley's largest water provider to refund millions — or perhaps tens of millions — of dollars to its customers, a judge on Thursday ruled that one of the Santa Clara Valley Water District's primary fees is illegal. Santa Clara County Superior Court Judge Kevin Murphy found that the district's "groundwater extraction fee" requires voter approval under Proposition 218, a state law passed in 1996.

They try ‘use it or lose it’ approach to stalled project in Nevada. BY JAMES ROSEN WASHINGTON — U.S. Sen. Lindsey Graham, backed by 2008 Republican presidential candidate John McCain, introduced legislation Thursday to provide “rebates” from a $30 billion fund to build the stalled Yucca Mountain nuclear-waste repository in Nevada. Because South Carolina has more nuclear reactors than most states do, its residents have contributed a disproportionately large share — more than $1.2 billion — to the Nuclear Waste Trust Fund for developing the Yucca repository. Graham criticized President Barack Obama for his decision to mothball the Yucca project,...

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New Frontier Bank, Greeley, Colorado, was closed today by the State Bank Commissioner, by Order of the Banking Board of the Colorado Division of Banking, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Greeley (DINB), which will remain open for approximately 30 days to allow depositors time to open accounts at other insured institutions. At the time of closing, the receiver immediately transferred to the DINB all insured deposits of New Frontier, except for brokered deposits, certificates of deposit (CDs) and individual retirement accounts...

NEW YORK (AP) — Regulators have shut down Cape Fear Bank — the first North Carolina bank to collapse since 1993, and the 22nd U.S. bank to fail this year. On Friday, the small Wilmington, N.C. bank was closed by state regulators and taken over by the Federal Deposit Insurance Corp. First Federal Savings and Loan Association of Charleston in Charleston, S.C. was chosen to assume all of Cape Fear Bank's $403 million in deposits and buy about $468 million of its $492 million in assets. The Federal Deposit Insurance Corp., which was named receiver of Cape Fear Bank on...

WASHINGTON (AFP) — New Frontier Bank, one of Colorado state's biggest banks, was closed down by state regulators, the Federal Deposit Insurance Corporation said in a statement. Based in Greeley, Colorado, New Frontier had, as of March 24, total assets of two billion dollars and and total deposits of about 1.5 billion, the FDIC said. . . . . . Unable to have a rival bank take charge of New Frontier's credits and deposits, the FDIC said it "created the Deposit Insurance National Bank of Greeley (DINB), which will remain open for approximately 30 days to allow depositors time to...

QUINCY - In 2006, my last year as governor of Massachusetts, I vetoed a card-check bill that allowed public workers to organize if a majority signed union authorization cards as opposed to casting a traditional secret ballot. The veto was a gain for the rights of employees and employers to a fair election, but the victory was short-lived. After I left office, organized labor had another run at replacing the secret ballot with a card check. With the support of Democrats in the Legislature, that same bill was passed in 2007 – and my Democratic successor signed it into law....

(CNN) – South Carolina Gov. Mark Sanford is firing back against critics who say he should accept the entire $2.8 billion in federal stimulus funds allotted to his state, launching a one-minute TV spot in which he argues a substantial portion of the money will only saddle the state with further debt. "The truth is more tax dollars will be spent in our state this year then ever before. But there must be a stopping point," the South Carolina Republican, who has not ruled out a 2012 White House bid, says in the ad. "Going further into debt will not...

Last week the House passed another budget that increases federal power, raises taxes, and increases the national debt. I voted against it, and was pleased to see that not a single Republican representative voted for it. Legislators often see bipartisanship as constructive, but I disagree especially where the destruction of our economy or our liberty is concerned. There has been too much bipartisan consensus on expanding government far beyond the bounds of the Constitution which we all swore to defend and uphold. Because of this, I have never been able to vote for a budget. However, it was good to...