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Bank Stocks Take A Beating Amidst Failure Fears

Bank Stocks Take A Beating Amidst Failure Fears
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Even as the Bush administration moved to rescue the nation's largest two mortgage companies, confidence in the banking sector spiraled downward Monday.

In the Los Angeles area, lines snaked around IndyMac Bancorp branches for blocks, as customers made withdrawals from the bank, which failed last week. In Cleveland, National City Corporation denied a rumor that its customers were also demanding their money.

In Washington, federal regulators tried to broadcast the message that plummeting stock prices should not cause consumers to panic about the safety of their savings. And on Wall Street, analysts began circulating lists of regional and local banks that might be next to fall.

Read more on New York Times

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