If I had money in First Federal or Downey Savings, I’d pull it out. I predict those banks will be gone in a few months.
I believe U.S. Senator Charles Schumer said to the regulators, what is going on over at IndyMac? That caused a run on the bank.
The bank didn’t have enough money to meet its obligations.
I wonder who’s going to be stupid enough to take this bank over?
There’s going to be a lot of cheap real estate. Maybe I’ll be able to buy myself a home and set up Young Israel of Baldwin Hills?
The federal government said it took control of troubled IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history.
The Office of Thrift Supervision in Washington, the chief regulator of Pasadena-based IndyMac, said it transferred control of the $32-billion bank to the Federal Deposit Insurance Corp.
The FDIC will reopen the bank on Monday as IndyMac Federal Bank, the OTS said.
"Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks," the OTS said. "Online banking and phone banking services will be available again on Monday."
IndyMac’s failure had been widely expected in recent days, as its stock has plummeted to mere pennies a share and some nervous depositors have been pulling their funds.
