Business IdeasUS sees 9 banks bail in 2010; five go belly up in 1 day
With five more entities folding up, the total number of American bank failures has touched nine in 2010.
Even though the national economy is slowly picking up, banks are still seeing increased defaults in the wake of high unemployment levels.
Meanwhile, the US government is continuing with its crackdown on the financial sector, which has been severely hit by the economic turmoil.
US President Obama has outlined a proposal for new restrictions on the size and scope of financial entities to limit their increased risk-taking ways.