IndyMac Fails

Discussion in 'Wall St. News' started by thurstonhowell3, Jul 11, 2008.

    from The Wall Street Journal

    July 11, 2008

    IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom,
    was seized Friday by federal regulators in one of the largest bank
    failures in U.S. history. The thrift was one of the largest savings and loans in
    the country, with about $32 billion in assets. It now joins an infamous list of
    collapsed banks, topped by Continental Illinois National Bank and Trust Co.,
    which failed in 1984 with $40 billion of assets. The bank will be run by the
    Federal Deposit Insurance Corp., a federal regulator, and will reopen Monday.

    For more information, see:
  2. flush it baby.
  3. gotta love the "$32 billion in assets" bit.
  4. offbyone


    This is just the first one, things are going to start unwinding more rapidly now.
  5. $0.00 per share
  6. Bowgett


    Yeah. 15% of these "assets" are not performing already so you can deduct $4.5B and more "assets" are going into not performing state.
  7. Allen3


    Been down that road with Netbank:( . Not my happy place. I check the stock and news of the banks I have now often. Still might not keep me out of the crapper, but at least I'll have a little warning. Might go look now!
  8. TGregg


    Yeah I had 10k in sn eTrade banking account back in the fall when they started having problems. Now I'm flush with cash and nowhere decent to park it. I should just short every financial institution, and clean up over the next two years.
  9. Ain't that just the case.
    #10     Jul 11, 2008