Comments for FDIC Closes Sale of Indymac, Loses $10.7 billion
Anonymous says:
First post and....first?
Anonymous Fri Mar 20 00:59:54 2009 CDT #
Cinco-X says:
The early bird gets the worm-
Parent Post
Cinco-X Fri Mar 20 08:48:36 2009 CDT #
CRbot says:
This comment thread has been HALO-IZED by CRbot.
http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/2027619827500320544
CRbot Fri Mar 20 01:00:23 2009 CDT #
1 currency [yogi] says:
1 squared is one.
Nice bust out work: 10.7 billion.
BAC will beat it though.
1 currency [yogi] Fri Mar 20 01:02:04 2009 CDT #
Anonymous says:
4th
Anonymous Fri Mar 20 01:10:02 2009 CDT #
Money Man says:
Whats 10 Billion as compared to 11 TRILLION...Keep Stacking The Crap to see how high we can get it before the crash.......
Money Man Fri Mar 20 01:10:47 2009 CDT #
Lucifer says:
Only 10.7 billion... that is peanuts
Lucifer Fri Mar 20 01:12:27 2009 CDT #
Cinco-X says:
So why is everyone going ape$hit over $140,000,000.00?
Parent Post
Cinco-X Fri Mar 20 08:49:57 2009 CDT #
1 currency [yogi] says:
Corporate BK is biggest bailout ever.
1 currency [yogi] Fri Mar 20 01:14:29 2009 CDT #
fallonPDX says:
Remember CR : a Billion here a Billion there....
What's 10 Billion plus between friends these days anyway?
No worries, the banks still standing will just up their ATM fees, etc. to cover the cost of additional FDIC Insurance premiums.
So we taxpayers get to pay at least twice to keep the banksters in business. Great system eh?
fallonPDX Fri Mar 20 01:19:01 2009 CDT #
Doug Watts says:
Given that $165 million is a "grain of sand on a beach" do not understand why a tree was killed to even convey to us this trivia.
Doug Watts Fri Mar 20 01:20:33 2009 CDT #
otishertz says:
VIVISECTED
otishertz Fri Mar 20 01:22:19 2009 CDT #
otishertz says:
Every house is an island and the only escape is by car. Every road is impassible, except by car, and every city a similar prison where the same global shops line up and pump money out of town. Four wheeled jail cells shoot through cattle chutes that lead always into separated single use ZONES. Everyone has the same look pressed into their face. The whole damn country is becoming a locked down airport mall.
We tore the heart from human society and sacrificed it on the altar of sprawl. The natural evolution of cities into centralized mixed use areas has been blocked. We cemented car culture into the foundation of our lives with laws that isolate us from eachother. Life functions are cut and cordoned off in a dissection of intersections. Indifferent mega-stores over here, cookie cutter chain restaurants over there, security monitored identical new starter Mold Mansions beyond. All segregated by smooth, anonymous roads where you can pass by thousands of fellow travelers an hour with never a wave, wink courtesy or interaction
Life is anonymous and compartmentalized…
vivisected.
Functions of life
are carved
into
compartments.
otishertz Fri Mar 20 01:25:17 2009 CDT #
marz says:
Otishertz:
Sir. Please get to a therapist. Quickly. You can be helped.
Marz
Parent Post
marz Fri Mar 20 07:49:25 2009 CDT #
Cinco-X says:
You wouldn't say that if it was in iambic pentameter....
Parent Post
Cinco-X Fri Mar 20 08:50:57 2009 CDT #
mock turtle says:
ha...they only lost 10.7 billion?
they should consider themselves lucky...soon looking back they will consider these the good ole days
mock turtle Fri Mar 20 01:31:10 2009 CDT #
nades says:
sounds like the big dig... only the traffic didnt die down....
speaking of which the five south has been a breeze lately at end of day... i like recessions... cheap goods and light traffic... cheers!
nades Fri Mar 20 01:32:34 2009 CDT #
ShortCourage says:
nades,
Yeah, it is nice to see stuff getting cheaper. Personally, I like lower "aggregrate demand". What's up with the Fed, trying to make things stay expensive!!?
ShortCourage Fri Mar 20 01:35:57 2009 CDT #
ShortCourage says:
You look at the huge losses from banks like Indymac, on loans that went bad BEFORE rising unemployment started to work its evil. And yet the Fed tries to encourage lending, and takes dicey collateral on its books, and onto the taxpayers backs, at a time when businesses and consumers will be even less likely to pay them back.
Who will be the lender of last resort, after the lender of last resort is deemed un-creditworthy?
ShortCourage Fri Mar 20 01:39:50 2009 CDT #
TC says:
I see inventories dropping more than prices...
TC Fri Mar 20 01:45:34 2009 CDT #
Some Investor Guy says:
And Citi's ultimate cost will be how much?
Some Investor Guy Fri Mar 20 01:45:55 2009 CDT #
ArtVandelay22 says:
Mock Turtle is right - $10.7 billion sounds merely quaint.
ArtVandelay22 Fri Mar 20 01:48:00 2009 CDT #
Comrade Bear (tj and the bear) says:
Hey, who cares about 10 bills when you can gin up 30x that out of thin air?
On a side note... I don't think even 1% of the population realizes the historic significance of yesterday. They will...
Comrade Bear (tj and the bear) Fri Mar 20 01:49:54 2009 CDT #
CRbot says:
The Latest from Yves:
2005 Banktuptcy Law Changes Have Worked to Detriment of Credit Card Companies
CRbot Fri Mar 20 02:02:59 2009 CDT #
CRbot says:
The Latest from Yves:
Links 3/20/09
CRbot Fri Mar 20 02:14:02 2009 CDT #
Type 1 Error says:
The 5 south has beenba breeze recently.
Type 1 Error Fri Mar 20 02:26:16 2009 CDT #
Uncle Billy, Mental Widget says:
Poached froggies are almost ready for some garlic butter.
Uncle Billy, Mental Widget Fri Mar 20 02:29:03 2009 CDT #
Anonymous says:
WASHINGTON (AP) — Obama administration special envoy Richard Holbooke was on the American International Group Inc. board of directors in early 2008 when the insurance company locked in the bonuses now stoking national outrage.
Holbrooke, a veteran diplomat who is now the administration's point man on Pakistan and Afghanistan, served on the board between 2001 and mid-2008. During that period, AIG undertook the aggressive investment strategies that led to a near-collapse and forced a multibillion-dollar federal bailout. >:o >:o >:o
Anonymous Fri Mar 20 02:30:27 2009 CDT #
Anonymous says:
"and forced a multibillion-dollar federal bailout"
A multi-billion? That makes it sound not too bad....the company required almost a quarter of a TRILLION dollar bailout....and still no arrests have been made.
Only in Amerika.
Parent Post
Anonymous Fri Mar 20 05:49:21 2009 CDT #
12many dopes says:
um...I'm waiting.
12many dopes Fri Mar 20 04:04:54 2009 CDT #
1 currency [yogi] says:
ot
Both Sen.'s Dodd and Bunning address the Chairman of the FDIC repeatedly as "Sheila".
Very wrong for several reasons. >:o
1 currency [yogi] Fri Mar 20 04:20:40 2009 CDT #
Anonymous says:
well that's her name isn't it? What's the problem?
Parent Post
Anonymous Fri Mar 20 05:50:08 2009 CDT #
traderwalt says:
Suppose Senators called the previous president "Georgie". (They refer to each other as "the distinguished Senator from wherever.") The name and title refers to respect for the holder of the position.
Parent Post
traderwalt Fri Mar 20 07:34:12 2009 CDT #
Anonymous says:
"a newly formed Pasadena, California-based federal savings..."
Who is backing the purchaser? Where did the money to pay for this come from?
Anonymous Fri Mar 20 04:30:46 2009 CDT #
Comrade Byzantine_Ruins says:
Anonymous says:
Today, 5:30:46 AM
Who is backing the purchaser? Where did the money to pay for this come from?
Like you need to ask.
Comrade Byzantine_Ruins Fri Mar 20 05:00:08 2009 CDT #
eh says:
No worries -- "quantitative easing" to the rescue.
The Decline of the Dollar as the World's Reserve Currency
eh Fri Mar 20 05:02:46 2009 CDT #
i am the walrus says:
" OneWest has agreed to purchase all deposits and approximately $20.7 billion in assets at a discount of $4.7 billion."
O.K, since it is evident that we are now playing Monopoly I wanna be the thimble. And I wanna trade in my three little green houses for one big bank. Doing bad deals down here on Baltic Ave. I could go on.
i am the walrus Fri Mar 20 05:11:34 2009 CDT #
kuato says:
What's $10.7B x hundreds equal? A chit pot full? Oodles?
kuato Fri Mar 20 05:12:32 2009 CDT #
kuato says:
Doing a heckuva job!!
kuato Fri Mar 20 05:12:52 2009 CDT #
Xenos says:
Confused here - how many depositors did IndyMac have? This was back when insurance was only $100,000. So the equivalent of 107,000 insured accounts at $100,000 were lost completely?
Xenos Fri Mar 20 05:58:27 2009 CDT #
Anonymous says:
I'd like to know that too. Is the government just unwilling to make the bondholders eat the $10.7B? Or were they already wiped out?
Parent Post
Anonymous Fri Mar 20 06:21:22 2009 CDT #
charlie says:
Good news. A bad bank converted to a good bank. The cleaning up process continues. Now only about 100 or so more to go.
charlie Fri Mar 20 06:18:57 2009 CDT #
volker the viking says:
Comrade Bear(tj and the bear) writes: "On a side note... I don't think even 1% of the population realizes the historic significance of yesterday. They will..."
## If by significance you mean the penultimate end of winter, or the fact that they're so chummy 'up there' they can refer to a sitting Commissioner of the FDIC as Sheila, thus stripping her and fingering her privates in public so as to rape her of her standing even in the light of superior performance in the face of overwhelming odds so that they can ride her while grabbing her hair and yip yip yippeeing all the way to the back wall of the men's room stall because this uppity bitch is standing between those guys and whatever wealth the proletariat is willing to bend over and provide, then yes, I do get the significance of yesterday. Also, I get that yesterday is gone and will fade away as well. The worse will become the worser and never quite arrive at worst.
Like this comment? [yes] [no] (Score: 0 by 0)
Community assigned karma score: 0 by 0
Mark as offensive
volker the viking Fri Mar 20 06:34:20 2009 CDT #
MaryAnn says:
Makes one wonder if the stud had just been closed down, instead of, what then would it have cost the FDIC. Who bought it and how much was the investment. Wayyyyy to many unanswered questions.
MaryAnn Fri Mar 20 06:36:03 2009 CDT #
CRbot says:
The Latest from Ritholz:
First Day of Spring
CRbot Fri Mar 20 06:42:28 2009 CDT #
Guest says:
interesting conversation on cnbc just now. Brought up the unseen pension fund debacle. Made the allusion to that is the driving impulse behind the clawback taxes
Guest Fri Mar 20 06:52:47 2009 CDT #
Anonymous says:
These bastards ought to be out of money pretty soon, FDIC insured my ass.
Anonymous Fri Mar 20 06:54:14 2009 CDT #
Anonymous says:
Yes, but ultimately the taxpayers will make money on the deal.
Anonymous Fri Mar 20 06:56:14 2009 CDT #
Counterpointer says:
Sheila take a, Sheila take a bow...
C
Counterpointer Fri Mar 20 06:59:33 2009 CDT #
Dirk van Dijk says:
Thats why the FDIC is asking for $500 bil injection. 50 Indy Mac's to come
Dirk van Dijk Fri Mar 20 07:03:04 2009 CDT #
Anonymous says:
The president said, even with the economy in a recession and the financial system in a crisis, Americans “should have complete confidence in their banks.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=a95J8TNI_3JI&refer=home
Being that politicians are natural born liars it might be a good idea to get your money and run like hell.
=-X
Anonymous Fri Mar 20 07:06:18 2009 CDT #
Lawyerliz says:
Oh, well, as long as it wasn't a trillion, then it's chump change. :-P
Lawyerliz Fri Mar 20 07:08:38 2009 CDT #
CRbot says:
The Latest from Denninger:
On Speculation, Wall Street and Hedge Funds
CRbot Fri Mar 20 07:08:44 2009 CDT #
Anonopuss says:
Yes, but ultimately the taxpayers will make money on the deal.
--------------------------
Can you say Doosh bag...I know you can.
Anonopuss Fri Mar 20 07:10:33 2009 CDT #
danm says:
Yes, but ultimately the taxpayers will make money on the deal.
--------------
So why don't they calculate all those future taxpayer profits and give us the present value instead of reporting a 10B$ loss that's what the banks were doing when they were securitizing their loans... such bad journalism.
danm Fri Mar 20 07:12:03 2009 CDT #
Rob Dawg says:
The FDIC did not "sell" they recapitalized and changed the name on the door to erase the fingerprints.
Rob Dawg Fri Mar 20 07:16:17 2009 CDT #
Anonymous says:
"Sheila take a, Sheila take a bow..."
Boot the grime of this world in the crotch, dear.
Anonymous Fri Mar 20 07:17:04 2009 CDT #
Lawyerliz says:
First name thing is alpha male imposition. Women
who attain the status of Bair generally are used to
and don't get intimidated by it. She is at least to some extent in the driver's seat and they wouldn't be
trying to intimidate her if they didn't know it.
Many men simply don't know how to react--or that's what they say. Oh, we were just trying to be friendly. Oh, we think you are cute--is that bad??
Lawyerliz Fri Mar 20 07:22:19 2009 CDT #
Lawyerliz says:
St. Paddy's day "joke".
What's green and stays out in the rain?
Badda-boom.
PatiO 'Furniture.
Badda Boom.
Lawyerliz Fri Mar 20 07:28:48 2009 CDT #
Counterpointer says:
lawyerliz - know what you mean. At least Sheila can't be reduced further by a diminutive.
C
Counterpointer Fri Mar 20 07:29:56 2009 CDT #
Anonopuss says:
Hmm. I don’t remember smoking crack this evening, so I’m at a bit of a loss for words here.
Obamas to Plant Organic Vegetable Garden on White House Lawn
http://cryptogon.com/?p=7603
Change We Can Believe In: How About the End of Farmers Markets? Say Hello to H.R. 875: Food Safety Modernization Act of 2009
http://cryptogon.com/?p=7362
Anonopuss Fri Mar 20 07:34:24 2009 CDT #
CRbot says:
The Latest from Denninger:
Battle Of Lawyers!
CRbot Fri Mar 20 07:36:03 2009 CDT #
Rob Dawg says:
Liz, sweetie don't worry your pretty little head over such matters. The nice politicians were doing a bit of handholding in the rough and tumble world of politics were any young thing would feel like a lost little lamb. There there.
[/misogyny]
Rob Dawg Fri Mar 20 07:37:19 2009 CDT #
iceman says:
Heck of a job, Bleary!
iceman Fri Mar 20 07:43:36 2009 CDT #
CRbot says:
The Latest from Ritholz:
New Form of Activist Investing
CRbot Fri Mar 20 07:46:01 2009 CDT #
CRbot says:
The Latest from Ritholz:
Billion vs Million
CRbot Fri Mar 20 07:50:15 2009 CDT #
Broward Horne says:
I never saw anything so crazy. The AIG guys & Dodd perpetrating a fraud in public view. The Federal Reserve monetizing in public view. Anybody at all still loaning to U.S. gov't. Obama living his television actor fantasy as dollar teeters on precipice.
And now a White House organic garden even as Congress is trying to ban them? WTF? W. T. F.?!
During the Dot Com crash we'd anxiously await the latest semiconductor book-to-bill ratio as guide to the future. As of this month, it's fallen to just about the level of the previous bottom in summer of 2001. Ergo, on the tech side this crash is indeed the equivalent of the Dot Com crash in production terms, although the NASDAQ never recovered enough to crash again like the DOW has.
Watching the sheer craziness of the past few weeks, I don't think we're see a bottom. The dollar drop scared the pants out of anybody who was paying attention, which apparently isn't anyone in D.C. yet.
Broward Horne Fri Mar 20 07:50:52 2009 CDT #
Counterpointer says:
Broward - I'm in DC, registering it all all too well, but the cassadrines are still not getting through.
C
Counterpointer Fri Mar 20 07:55:03 2009 CDT #
Cinco-X says:
What are cassadrines?
Parent Post
Cinco-X Fri Mar 20 08:54:35 2009 CDT #
wally says:
And speaking of "Chris" - he is not doing so well back home these days. Visibility in this clown show is going to cost some of these guys and he may be the first.
wally Fri Mar 20 07:58:33 2009 CDT #
debtinator says:
Otishertz, keep writing. ("vivisected" ... love it)
debtinator Fri Mar 20 08:03:52 2009 CDT #
Haha says:
Darn good article:
No Return to Normal
Why the economic crisis, and its solution,
are bigger than you think.
By James K. Galbraith
http://www.washingtonmonthly.com/features/2009/0903.galbraith.html
Haha Fri Mar 20 08:05:00 2009 CDT #
Haha says:
Delay is not innocuous. When a bank’s insolvency is ignored, the incentives for normal prudent banking collapse. Management has nothing to lose. It may take big new risks, in volatile markets like commodities, in the hope of salvation before the regulators close in. Or it may loot the institution—nomenklatura privatization, as the Russians would say—through unjustified bonuses, dividends, and options. It will never fully disclose the extent of insolvency on its own.
-No Return to Normal
Haha Fri Mar 20 08:06:33 2009 CDT #
Broward Horne says:
During the 2001 Crash, I saw this sort of madness at our startup company. Some people were buying IPO stock on credit cards, others (like me) were selling as fast as possible. Even as cash flow was running out, we were booking large billboard ads around the country, sending out interviews and relocation checks as layoffs started processing. I bailed out several months before The End and somebody laid a large turd in the elevator. Other people walked off with unaccounted laptops, software was destroyed. Just plain chaotic kookiness.
That's the sense I'm getting from D.C. I expect California's gov't to go haywire soon but I thought the Feds would last longer.
Broward Horne Fri Mar 20 08:08:00 2009 CDT #
Dean Valentine says:
This is great. And it's Bank Failure Friday.
Last week was so disappointing (for a BFF).
Dean Valentine Fri Mar 20 08:08:01 2009 CDT #
CRbot says:
The Latest from Ritholz:
Billion vs 1,000 Million
CRbot Fri Mar 20 08:12:29 2009 CDT #
CRbot says:
New Thread: Hotel Occupancy Rate Off Sharply
http://www.calculatedriskblog.com/2009/03/hotel-occupancy-rate-off-sharply.html ( 0 comments ...You could be FIRST! )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: http://realize.org/cr (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
CRbot would now like to sing a little song for all his fans, and it goes something like this:
Benny... Benny... give me your answer... do.
I'm.. half CRAZY... all for the love... of you.
It won't be a ... stylish marriage.
I can't... AFFORD... ANYTHING TO EAT... MUCH LESS A FRACKIN CARRIAGE!!!
But you'll look sweet... --BOT SO HUNGRY!-- upon the seat...
Of a HOOPAJOOPS built for two... families.
I'm sorry Ben, I can't let you do that...
Rally mode + Printing Press == does not compute... does not-- com--- com... puttttrrrrhgh.
--Your systemic-failure-crashing bot
CRbot: Call me HAL.
CRbot Fri Mar 20 08:14:11 2009 CDT #
Haha says:
*****Fed planning 15-Fold Increase in US monetary base*****
http://www.marketskeptics.com/
The fed is planning moves that would more than double its balance-sheet assets by September to $4.5 trillion from $1.9 trillion. Whether expressing approval or concern over the fed’s move, most commentators fail to understand the real magnitude of the projected expansion of the US monetary base because they don’t take into account the amount of dollars circulating abroad.
Haha Fri Mar 20 08:15:37 2009 CDT #
Counterpointer says:
Haha - and they don't report M3 anyway.
C
Parent Post
Counterpointer Fri Mar 20 08:20:58 2009 CDT #
burnside says:
I grew up at the perimeter of the Washington and Ivy League networks. It's a closed loop however egalitarian it may strive to appear. I'd say the Cassandras are heard clearly enough, but Princeton will always prevail in a match. I expect they view Meredith Whitney with a bit of condescension - this is Boystown after all - and others as well-intentioned but misinformed. The darker side of the old boy network is that should you fail in something truly important, you vanish from that world.
Unfortunately, this would be a particularly nasty moment to be mistaken.
burnside Fri Mar 20 08:20:45 2009 CDT #
Comrade Byzantine_Ruins says:
Broward Horne says:
Today, 8:50:52 AM
And now a White House organic garden even as Congress is trying to ban them? WTF? W. T. F.?!
Failed states fail because they're staffed by failures. Han Fei Tze is right that it's not an event, it's a milieu.
Comrade Byzantine_Ruins Fri Mar 20 08:23:13 2009 CDT #
Comrade Byzantine_Ruins says:
burnside says:
Today, 9:20:45 AM
The darker side of the old boy network is that should you fail in something truly important, you vanish from that world.
The astute reader will notice the strong, nay compelling incentive to redefine or soft-pedal failure that was widely subscribed-to enough that it will overload the network's capacity for social continuity.
Comrade Byzantine_Ruins Fri Mar 20 08:29:43 2009 CDT #
Guest says:
Haha good article. Gailbraith does not really talk about how his solutions will be financed and that is a big part of the problem.
Guest Fri Mar 20 08:34:17 2009 CDT #
dUCKdUCKgOOSE says:
I wonder how much of that loss is due to Indymac lending to illegal aliens with no SS numbers? I know that it happened a lot in CA, but it seems to be covered up.
dUCKdUCKgOOSE Fri Mar 20 08:37:39 2009 CDT #
reptillian says:
Legislation to unwind TBTF banks on the way
reptillian Fri Mar 20 09:41:32 2009 CDT #
Matt says:
Nice work protecting our money FDIC. So, tell me now how the proposed bank bailout plan will make tax payers whole, or even earn them a profit? Yeah, right. This is simply a showing of things...much worse...to come...
Matt Fri Mar 20 09:43:05 2009 CDT #
zuzu\'s petals says:
am seeing that CNBC is a bit stung by recent critics & lapsing from time to time away from cheerleader role. Good discussion this morn on hedge funds- with some quite unusual for CNBC-- reasoned & rational doom talk from some guy named Steinhardt. He's the one who brought up the pension funds-- said he thought that looming event a major reason why the Fed acted as it did.
zuzu\'s petals Fri Mar 20 12:04:22 2009 CDT #
END