IndyMac Bank Closes, Transfers Operations To Federal Gov't
|
Submitted by: mijokijo Subscribe to this Author Paste this code into your site to promote this story! |
http://www.knbc.com/money/16857850/detail.html
Type of Content: Article "IndyMac is the largest OTS-regulated thrift ever to fail and, according to FDIC data, the second largest financial institution to close in U.S. history." ... "The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Sen. Charles Schumer of New York, according to the OTS. The letter expressed concerns about IndyMac's viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts." ... "'IndyMac was actively seeking to arrange a significant capital infusion or find a buyer. The recent release of the senator's letter undermined the public confidence essential for a financial institution and took away the time IndyMac needed to pursue a recovery,' the OTS said in Friday's statement." Read »
Created 13 weeks 1 day ago
|
- Flag as offensive
- Login or register to post comments
- 59 reads
