Economy

November 18, 2009

Despite bailout, some California banks are struggling

Thirty-three banks across the country that received federal bailout money didn't pay the government a dividend this summer — and one-third of them are based in California, federal data show. Two of the 11 California banks that didn't pay dividends — which can indicate they are short on cash — were seized by state and federal regulators in the past two weeks. The failures left taxpayers with $302 million in losses under the government bailout, known as the Troubled Asset Relief Program.

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