BREAKING NEWS: Feds raid Colonial Bancgroup

Unconfirmed but not unexpected, we're hearing that Montgomery Alabama based Colonial Bank may be in the process of being taken over by regulators today. An eye witness report has it that federal authorities descended on the Colonial Bank branch in Orlando, FL this morning. They were "in and out of there like ants on a nest," the source said. As reported in the Birmingham News, "Colonial BancGroup received a search warrant from a U.S. government agency."