IndyMac Seized By Federal Regulators Friday Night
While this is not unexpected after the announcement of layoffs earlier in the week, it is still the largest bank failure in the past 24 years.
All of the corporate guys who think their banks are too big to fail and have approved the terrible loans that were funneled through banks like IndyMac have got to be getting nervous right about now. The banking structure used to be solid and reliable but after the lending blunders of the past few years I am sure most in the banking sector are scared whitless.
The closure followed a frenzied week during which IndyMac’s executives tried to bolster the ailing bank. IndyMac, based in Pasadena, Calif., stopped making new loans and announced layoffs of more than half of its 7,200 workers. But IndyMac’s customers, afraid their savings might disappear, stampeded tellers and demanded their money.
Most of IndyMac’s deposits are guaranteed by the Federal Deposit Insurance Corporation, which will operate the bank and try to sell it.
The run on the bank came after a critical letter about the bank from Senator Charles E. Schumer, Democrat of New York. Federal regulators said on Friday that Mr. Schumer’s letter had prompted the collapse by causing the run and scaring away potential acquirers. via NYTimes.com.
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Those with multiple accounts under $100,000 are probably screwed. During the S & L mess I had a friend with three accounts each under $100,000 that totaled $230,000. She was reimbursed a total of $100,000. Those at the S & L assured her all the money was insured. There was another S & L across the street. She lobbied Congress to no avail.