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IndyMac: More Suck, No Bucks

Recs

19

July 11, 2008 – Comments (9)

FDIC Statement

9 Comments – Post Your Own

#1) On July 11, 2008 at 6:55 PM, TMFBent (99.82) wrote:

Oh, and IndyMac's failure will only cost taxpayers $4 to $8 billion.

Keep letting those banks do whatever they want? That sure worked out well, especially with our ex Fed chief pimping lousy loans the way he did before he slinked out of office and passed his mess to Bernanke.

Someone should shove the entire Ayn Rand library up Greenspan's yoohoo.

Sj

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#2) On July 11, 2008 at 7:49 PM, DemonDoug (85.14) wrote:

Someone should shove the entire Ayn Rand library up Greenspan's yoohoo

Classic. One rec for you!

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#3) On July 11, 2008 at 9:14 PM, MarketBottom (29.21) wrote:

Did I read the article correctly, that 1 billion dollars in customer deposits are uninsured and 500 million will not be paid back to deposit customers?

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#4) On July 11, 2008 at 10:37 PM, TMFHelical (98.81) wrote:

Someone should shove the entire Ayn Rand library up Greenspan's yoohoo.

 

They can have Charles Schumer's copies.  He's not using them.

 

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#5) On July 12, 2008 at 12:16 AM, EverydayInvestor (< 20) wrote:

TMFBent - that is not correct. If losses are only $4b to $8b, they will be absorbed by the FDIC, which is funded by member institutions. Only once 100 more banks have failed will the taxpayers have to bail out the FDIC. Currently the FDIC has $53b.

There were $1b in uninsured deposits at Indymac. It looks like some people did not follow my advice. They will get at least 50% of their money back immediately, but if they get any more they will have to wait for it.

As I have said before, I believe that the next sizeable bank to fail will be Downey Financial (DSL).

Disclosure: Still short DSL ... all the way to the end, baby!

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#6) On July 12, 2008 at 2:20 AM, jdlech (< 20) wrote:

So what's in store for these failed banks?  Will they be forcibly dissolved?  Absorbed by some other bank?  Should we toss a benjamin at them when they hit $.10/share?  Those who bought Bear Stearns at $2/share made out pretty good.  Different situation, I know.  So what's the most likely scenarios?

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#7) On July 12, 2008 at 2:39 AM, TheGarcipian (61.25) wrote:

Like the Ayn Rand reference. Yes, another Rec for you!

And yes, DSL is on its way out as well. 

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#8) On July 12, 2008 at 4:22 AM, jester112358 (28.75) wrote:

Terrific Ayn Rand reference.  I'm riding DSL all the way down too!

 

Actually, this is really very sad for the depositors who won't get their capital back.  But in CAPS its fun! 

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#9) On July 12, 2008 at 10:26 AM, TMFBent (99.82) wrote:

Thanks EDI, I had that wrong. Let's hope we don't get past that $53 billion. Gotta say, if Indymac takes 8, that's getting too close.

Do we spare Greenspan one of the books then? Atlas Shrugged?

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