IndyMac seized by regulators, marking second largest bank failure in U.S. history

Dandelion Salad

July 12, 2008

Late yesterday, the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) “took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.” The bank has succumbed to “huge losses from defaulted mortgages made at the height of the housing boom”:

Federal authorities estimated that the takeover of IndyMac, which had $32 billion in assets, would cost the FDIC $4 billion to $8 billion. Regulators said deposits of up to $100,000 were safe and insured by the FDIC.[…]


h/t: ICH

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2 thoughts on “IndyMac seized by regulators, marking second largest bank failure in U.S. history

  1. S & L, Boom, robbed
    Dot Com Boom, bust
    Enron Boom, fraud
    Lending Boom, bogus
    Banking Boom, free tax-dollars
    Kiss that retirement fund good bye….except for a Hundred Grand
    Banking Insurance Regulator’s[alittle late], protecting Bank Funds[secure] and Interests[salvage] only[forget you, depositor’s] !

  2. Pingback: Event Horizon by James Howard Kunstler « Dandelion Salad

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