walkitout (walkitout) wrote,
walkitout
walkitout

FDIC, IndyMac and news

You may have noticed that I spend a fair amount of time these days reading newspapers and other news sites/blogs online. Today, I perused the NYT, the Boston Globe, Calculated Risk (where I did not follow the link to the failed banks update from the FDCIC. Why? Because I am an idiot.). I also did some extensive commenting on an article published in the Atlantic in 1899.

Eventually, after catching up on Smart Bitches, I dropped in to the LA Times, where I went, wuh hunh? And backtracked to Calculated Risk where I _followed that link_ and realized, yes! IndyMac is so over. It is in conservatorship. Everyone spent today worrying about Fannie and Freddie, but here is the definitive news.

Read along at the press release, if you care:

http://www.fdic.gov/news/news/press/2008/pr08056.html

If you are a depositor, you are screwed this weekend (ETA: correction -- you can use ATMs, debit cards and write checks), but, in theory, come Monday, you have access to your stuff once again. This bit is interesting:

"At the time of closing, IndyMac Bank, F.S.B. had about $1 billion of potentially uninsured deposits held by approximately 10,000 depositors."

People really do let more than the insurable limit accumulate in a single bank? Ooops.

ETA: And it's all Chuck's fault, apparently. Altho he says the OTC started it by being lax (paraphrase, of course).

http://www.reuters.com/article/newsOne/idUSWA000014120080712

Gotta love Reuters. They use the verb "swooped" to describe the Office of Thrift Supervision stepping in.

One of the wonderful things about Reuters is the little human interest bits that wind up on the most e-mailed list. The NYT never has great little bits about some Russian woman who killed her drunk husband by activating a mechanism that folded the couch into the wall.

http://www.reuters.com/article/newsOne/idUSL0919437820080709

Apparently, it wasn't intentional; she came back to check on him when he was unusually quiet (I'm guessing he normally snored. Loudly.). Someone should tell the Russians they should recall that kind of folding couch. Oh, wait. They may not _have_ A CPSC.
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