Buh-bye IndyMac

NEW -> Contingent Buyer Assistance Program
4walls4me said:
What does this mean for the employees at Corporate in Irvine. I have two friends there. Are they without a job today???
Click to expand...

IIRC, the FDIC basically takes over senior management and all the worker bees remain worker bees but with a different name on their paycheck until the bank can be unwound, sold off, etc. Sometimes this takes years.
 
I happened to drive by an IndyMac branch yesterday and thought the choice of marketing hype signs in the window was quite funny. One read "You can count on us," which would seem to be a violation of the truth in advertising law :)
 
EvaLSeraphim said:
4walls4me said:
What does this mean for the employees at Corporate in Irvine. I have two friends there. Are they without a job today???
Click to expand...

IIRC, the FDIC basically takes over senior management and all the worker bees remain worker bees but with a different name on their paycheck until the bank can be unwound, sold off, etc. Sometimes this takes years.
Click to expand...
I read somewhere that the FDIC wants to sell off the remaining assets of the bank in 90-120 days either to one or several buyers. I don't know if they'll get it done so quick, but I wouldn't be surprised if it's a done deal by the end of the year. I wonder if my bank will fly in to buy some of their residential construction loans at pennies on the dollar (literally speaking).
 
That video above said the uninsured will have access to 50% of their uninsured balance.

Does this mean if you had 200,000$ at IndyMac when you log back on your account Monday 50,000$ was magically subtracted from your account?

I'm sure the transaction log must show a real funny name for that transaction...

"-50,000$ Uninsured FDIC amount deduction - thank you please come again"
 
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