Posted by Lisa on June 1, 2010 · View Comments
Lawmaker says ~“We have spent a trillion dollars bailing out Wall Street, the auto industry and banks. It’s time for more help for Main Street.”~
Washington, D.C. – Reps. Jane Harman (D-Venice) and David Dreier (R-San Dimas) today introduced H.R. 5429, the “Investor Deposit Yardstick Act” (InDY Act) to raise retroactively the limit on the insured savings of depositors in banks that collapsed between January and October 2008, when the federal government raised the FDIC insurance limit from $100,000 to $250,000 per account.
The largest savings and loan in the Los Angeles area, IndyMac, failed in July 2008, wiping out $233 million in savings from approximately 6,500 depositors overnight. Their savings were insured only up to $100,000 per account.
The legislation would also retroactively protect the savings of 1,500 depositors in five other failed banks in Florida, Montana, Arkansas, Kansas and Nevada.
“Our bill will restore to IndyMac customers what they suddenly lost in July 2008, and treat them as equals to other Americans whose savings were swallowed by the economic crisis,” said Harman. “Congress can make these people whole again. We have spent a trillion dollars bailing out Wall Street, the auto industry and banks. It’s time for more help for Main Street.”
“Seeking fairness for former IndyMac depositors has been a priority since the bank’s takeover in the summer of 2008,” Dreier said. “Their losses were no less difficult and no less tragic than those that occurred later that same year. It is only fair that the families and small business owners who kept their savings with IndyMac receive the same protection as those who lost funds at other financial institutions but were covered by the higher deposit insurance amount.”
Posted by Lisa on May 28, 2010 · View Comments
American Chronicle echoes the same message about the Press release on behalf of Congresswoman Harman and Congressman Dreier.
A couple of nice quotes here:
“Our bill will restore to IndyMac customers what they suddenly lost in July 2008, and treat them as equals to other Americans whose savings were swallowed by the economic crisis,” said Harman. “Congress can make these people whole again. We have spent a trillion dollars bailing out Wall Street, the auto industry and banks. It´s time for more help for Main Street.”
“Seeking fairness for former IndyMac depositors has been a priority since the bank´s takeover in the summer of 2008,” Dreier said. “Their losses were no less difficult and no less tragic than those that occurred later that same year. It is only fair that the families and small business owners who kept their savings with IndyMac receive the same protection as those who lost funds at other financial institutions but were covered by the higher deposit insurance amount.”
To read the American Chronicle article, Click Here.
Posted by Lisa on May 28, 2010 · View Comments
Ryan Carter
Posted: 05/27/2010 04:23:20 PM PDT
Local lawmakers Thursday introduced an amendment to financial reform that would allow depositors at failed Pasadena-based Indymac Bank to recoup a collective $233 million in lost savings.
The amendment, called the Indy Act, would make a federal deposit insurance cap of $250,000 retroactive to the time IndyMac failed in July of 2008. At the time, deposit insurance was set for deposits up to $100,000. But as the financial crisis grew Congress only a few months later approved the heightened cap.
But the cap did not extend to institutions that failed before October 2008.
“The whole thing is about fairness,” said Rep. David Dreier, R-San Dimas, who along with Rep. Jane Harman, D-Venice, introduced the bill Thursday.
Read more: http://www.pasadenastarnews.com/news/ci_15176568#ixzz0pCo8I9Re
Posted by Lisa on May 25, 2010 · View Comments
A glimpse of this article:
Many lawmakers and consumer advocates have criticized the OTS for what they say was lax oversight of the thrift industry in the run-up to the financial crisis. The previous OTS director, Scott Polakoff, was put on leave pending an investigation into improper backdating of cash infusions at six thrifts including IndyMac. He later left the government. Sweeping legislation to overhaul financial regulations that passed the Senate last week calls for abolishing the OTS.
To read more of this Washington Post article, Click Here.
Posted by Lisa on May 12, 2010 · View Comments
More than a year and a half after Iceland’s major banks failed, all but sinking the country’s economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit.
Since Iceland’s three largest banks — Kaupthing, Landsbanki and Glitnir — collapsed in late 2008, their former executives and owners have largely been living untroubled lives abroad. Maybe the US will be next? or will we just dole out more TARP funds for Banker’s bonuses?
To read the full story, Click Here!
« Previous Page — Next Page »