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IndyMac Bank's ominous failure.(Inside Track)(IndyMac Bancorp Inc.)
As of Tuesday, July 15, crowds outside branches of the failed California bank IndyMac were getting ugly. On the second business day after federal agents seized control of bank assets and promised orderly restitution of FDIC-insured funds to IndyMac customers, large numbers of shocked depositors still had not been reimbursed. Those who had more than the FDIC-guaranteed $100,000 in IndyMac accounts were still awaiting word as to what portion of their life savings they could expect to see again.
While bank failures are not particularly unusual even in the best of times, the IndyMac implosion has raised eyebrows worldwide for several reasons. One is that the California bank is the second largest ever to fail under the FDIC-insured system. Another, far more ominous, is that the factors that brought down IndyMac--asset depreciation stemming from the mortgage crisis, combined with plummeting stock values--threaten to undo other major U.S. regional banks as well. On the Monday following IndyMac's collapse, stocks from a number of well-known regional banks fell ...
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Source: HighBeam Research, IndyMac Bank's ominous failure.(Inside Track)(IndyMac Bancorp Inc.)