On November 7, 2008, Security Pacific Bank, Los Angeles, CA was closed by the California Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

In the midst of the widening housing crisis, there’s been quite a lot of criticism from voters aimed at the recent efforts by the government to bail out financial institutions that are being dragged down by souring mortgage securities.

Henry A. Waxman, Committee Chairman on Oversight and Government Reform, Requests Compensation and Bonus Information for Employees of Major Banks

If Sarah Palin has energized the Republican base, then John McCain has done just the opposite. There are those that believe that McCain has done more damage to the Republican party than any opponent ever could. McCain may be dragging the Republican Party down with him.