Winner Winner Chicken Dinner
by matt at 5:45 pm on July 11th, 2008 in Economy, Hank PaulsonYour Treasury Secretary Hank Paulson just three months ago:
“I do believe that the worst is likely to be behind us.”
At the time, I offered to have that statement tattooed on my forehead if it proved true. Well, this week saw possible insolvency in the two largest mortgage guarantors, Fannie Mae and Freddie Mac. And today produced the second largest bank failure ever in IndyMac Bancorp. I think we can say I’m out of disfigurement danger.
Failed Bank Information - FDIC (7/11/08)
On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator.
I hadn’t really been following the Indy Mac story until this became a possibility a few days ago, and today I pulled out a recent statement from one of my brokerage accounts and learned that until late May, I had a significant amount of money parked in an IndyMac CD.
The fun part is going to be watching Washington Mutual try to handle their own solvency issues, as the proceeds of my IndyMac CD are now sitting in one from WaMu.
Ahhh, high finance…
Post a Comment