BANKING Regulators did little to halt reckless practices at WaMu…. Same as Indymac!

LA Times reporter By Jim Puzzanghera writes about how the OTS’s and FDIC’s lack of oversight and willingness to turn a blind eye to the obvious reckless practices caused the collapse of Washington Mutual.

Further Jim writes “The OTS gets the most heat because it was WaMu’s primary regulator. The agency, which supervises savings and loans, also has been criticized for its lax oversight of IndyMac Bank, a Pasadena lender that failed in 2008.”

Click here to read the story

Interim CEO, John Bovenzi discusses biggest bank to fail

John Bovenzi says “Indymac was messy”. Having lost many thousands of dollars myself, I’ll say.

Question…Where did all the depositor money go? Answer…Probably funding bad Fannie Mae and Freddie Mac home loans foe people who did not save for their future, but just gambled on it. I find it really odd how those people still make out (who took loans they could not repay) but the saver-DEPOSITOR loses!

To read the article, Click here!

“I’m 63 and I’m Tired” by Robert A. Hall; Robert A. Hall is a Marine Vietnam veteran who served five terms in the Massachusetts State Senate.

“I’m 63 and I’m Tired”

by Robert A. Hall

I’m 63. Except for one semester in college when jobs were scarce and a six-month period when I was between jobs, but job-hunting every day, I’ve worked, hard, since I was 18. Despite some health challenges, I still put in 50-hour weeks, and haven’t called in sick in seven or eight years. I make a good salary, but I didn’t inherit my job or my income, and I worked to get where I am. Given the economy, there’s no retirement in sight, and I’m tired. Very tired.

I’m tired of being told that I have to “spread the wealth” to people who don’t have my work ethic. I’m tired of being told the government will take the money I earned, by force if necessary, and give it to people too lazy to earn it.

I’m tired of being told that I have to pay more taxes to “keep people in their homes.” Sure, if they lost their jobs or got sick, I’m willing to help. But if they bought McMansions at three times the price of our paid-off, $250,000 condo, on one-third of my salary, then let the left-wing Congress-critters who passed Fannie and Freddie and the Community Reinvestment Act that created the bubble help them with their own money.

I’m tired of being told how bad America is by left-wing millionaires like Michael Moore, George Soros and Hollywood Entertainers who live in luxury because of the opportunities America offers. In thirty years, if they get their way, the United States will have the economy of Zimbabwe , the freedom of the press of China , the crime and violence of Mexico , the tolerance for Christian people of Iran , and the freedom of speech of Venezuela .

I’m tired of being told that Islam is a “Religion of Peace,” when every day I can read dozens of stories of Muslim men killing their sisters, wives and daughters for their family “honor”; of Muslims rioting over some slight offense; of Muslims murdering Christian and Jews because they aren’t “believers”; of Muslims burning schools for girls; of Muslims stoning teenage rape victims to death for “adultery”; of Muslims mutilating the genitals of little girls; all in the name of Allah, because the Qur’an and Shari’a law tells them to.

I’m tired of being told that “race doesn’t matter” in the post-racial world of Obama, when it’s all that matters in affirmative action jobs, lower college admission and graduation standards for minorities (harming them the most), government contract set-asides, tolerance for the ghetto culture of violence and fatherless children that hurts minorities more than anyone, and in the appointment of U.S. Senators from Illinois.

I think it’s very cool that we have a black president and that a black child is doing her homework at the desk where Lincoln wrote the Emancipation Proclamation. I just wish the black president was Condi Rice, or someone who believes more in freedom and the individual and less arrogantly of an all-knowing government.

I’m tired of a news media that thinks Bush’s fundraising and inaugural expenses were obscene, but that think Obama’s, at triple the cost, were wonderful; that thinks Bush exercising daily was a waste of presidential time, but Obama exercising is a great example for the public to control weight and stress; that picked over every line of Bush’s military records, but never demanded that Kerry release his; that slammed Palin, with two years as governor, for being too inexperienced for VP, but touted Obama with three years as senator as potentially the best president ever. Wonder why people are dropping their subscriptions or switching to Fox News? Get a clue. I didn’t vote for Bush in 2000, but the media and Kerry drove me to his camp in 2004.

I’m tired of being told that out of “tolerance for other cultures” we must let Saudi Arabia use our oil money to fund mosques and madrassa Islamic schools to preach hate in America , while no American group is allowed to fund a church, synagogue or religious school in Saudi Arabia to teach love and tolerance.

I’m tired of being told I must lower my living standard to fight global warming, which no one is allowed to debate. My wife and I live in a two-bedroom apartment and carpool together five miles to our jobs. We also own a three-bedroom condo where our daughter and granddaughter live. Our carbon footprint is about 5% of Al Gore’s, and if you’re greener than Gore, you’re green enough.

I’m tired of being told that drug addicts have a disease, and I must help support and treat them, and pay for the damage they do. Did a giant germ rush out of a dark alley, grab them, and stuff white powder up their noses while they tried to fight it off? I think Gay people choose to be Gay, I damn sure think druggies chose to take drugs. And I’m tired of harassment from cool people treating me like a freak when I tell them I never tried marijuana.

I’m tired of illegal aliens being called “undocumented workers,” especially the ones who aren’t working, but are living on welfare or crime. What’s next? Calling drug dealers, “Undocumented Pharmacists”? And, no, I’m not against Hispanics. Most of them are Catholic, and it’s been a few hundred years since Catholics wanted to kill me for my religion. I’m willing to fast track for citizenship any Hispanic person, who can speak English, doesn’t have a criminal record and who is self-supporting without family on welfare, or who serves honorably for three years in our military…. Those are the citizens we need.

I’m tired of latte liberals and journalists, who would never wear the uniform of the Republic themselves, or let their entitlement-handicapped kids near a recruiting station, trashing our military. They and their kids can sit at home, never having to make split-second decisions under life and death circumstances, and bad mouth better people than themselves. Do bad things happen in war? You bet. Do our troops sometimes misbehave? Sure. Does this compare with the atrocities that were the policy of our enemies for the last fifty years and still are? Not even close. So here’s the deal. I’ll let myself be subjected to all the humiliation and abuse that was heaped on terrorists at Abu Ghraib or Gitmo, and the critics can let themselves be subject to captivity by the Muslims, who tortured and beheaded Daniel Pearl in Pakistan, or the Muslims who tortured and murdered Marine Lt. Col. William Higgins in Lebanon, or the Muslims who ran the blood-spattered Al Qaeda torture rooms our troops found in Iraq, or the Muslims who cut off the heads of schoolgirls in Indonesia, because the girls were Christian. Then we’ll compare notes. British and American soldiers are the only troops in history that civilians came to for help and handouts, instead of hiding from in fear.

I’m tired of people telling me that their party has a corner on virtue and the other party has a corner on corruption. Read the papers; bums are bipartisan. And I’m tired of people telling me we need bipartisanship. I live in Illinois , where the “Illinois Combine” of Democrats has worked to loot the public for years. Not to mention the tax cheats in Obama’s cabinet.

I’m tired of hearing wealthy athletes, entertainers and politicians of both parties talking about innocent mistakes, stupid mistakes or youthful mistakes, when we all know they think their only mistake was getting caught. I’m tired of people with a sense of entitlement, rich or poor.

Speaking of poor, I’m tired of hearing people with air-conditioned homes, color TVs and two cars called poor. The majority of Americans didn’t have that in 1970, but we didn’t know we were “poor.” The poverty pimps have to keep changing the definition of poor to keep the dollars flowing.

I’m real tired of people who don’t take responsibility for their lives and actions. I’m tired of hearing them blame the government, or discrimination or big-whatever for their problems.

Yes, I’m very tired. But I’m also glad to be 63. Because, mostly, I’m not going to have to see the world these people are making. I’m just sorry for my granddaughter.

Robert A. Hall is a Marine Vietnam veteran who served five terms in the Massachusetts State Senate.

There is no way this will be widely publicized, unless each of us sends it on! This is your chance to make a difference.

AP IMPACT: Gov’t bank auditors got big bonuses

Matt Apuzzo of Associated Press writes this story:

AP IMPACT: Gov’t bank auditors got big bonuses

_”OTS examiners did not identify or sufficiently address the core weaknesses that ultimately caused the thrift to fail until it was too late,” Treasury’s inspector general said regarding IndyMac, which in 2008 became one of the largest bank failures in history. “They believed their supervision was adequate. We disagree.”

The government’s internal investigators surveyed the wreckage…Click here ….read the story!

The Indymac Slap In Our Face: A Fantastic, Succinct Video by THINKBIGWORKSMALL.com

Hey Barney Frank,

Here’s to you from us here at indymacdepositors.com for your urge to vote down the Honorable Congresswoman Jane Harman’s amendments that would quietly reimburse us to the tune of the new legislation, keep you from FURTHER embarrassment for robbing the LITTLE people, (then again maybe nothing embarrasses you).

Take a gander at this video, PLEASE. We know you will all agree with it, and have asked the creators for a copy which will allow us to post it in its purest form right on the web site, eliminating the need to click on a link. But for now, click here to view it in its pure, unadulterated truth:

Please comment on the site for these guys, they did an excellent job of explaining and simplifying the WINDFALL created by the FDIC for OneWest Bank.

What I really want to know boys and girls, is besides the investors at OneWest, is WHO else benefited or continues to benefit from this OUTRAGEOUS transaction that only a fool would enter into without benefit to his or herself.

Thank you from Lisa Marshall

Another Example of Too Big to Fail

This article chimes in regarding the banks which are deemed too big to fail. It cites Indymac, and how “The action by the Fed has drawn criticism from many quarters. It has bailed out an investment bank which managed funds for wealthy clients and has let a bank which specialised in mortgage lending fail. This sounds like public support for the wealthy and privileged while poorer people have to face the cold wind of capitalism.” This statement regarding Bear Stearns being too big to fail, and for which a new owner was found, but that Indymac was left hanging out in the breeze, since we were seen as “SMALL” depositors, who would not affect the flux of the markets, and how the US economy is viewed globally. Isn’t that nice?

Read the full story here: http://www.pdxpole.com/wild-parties-and-the-bank-of-england/

WaMu Judge Lets Shareholders Retain Bankruptcy Role (Update1) It is INSANE if DEPOSITORS are given less priority than SHAREHOLDERS

It is INSANE if DEPOSITORS are given less priority than SHAREHOLDERS

See this Bloomberg report:

Jan. 29 (Bloomberg) — Shareholders of Washington Mutual Inc., the former parent of the biggest U.S. bank to fail, deserve their expanded role in the company’s bankruptcy case, a judge ruled.

U.S. Bankruptcy Judge Mary Walrath yesterday rejected a request from Washington Mutual’s lawyers to disband a court- sanctioned committee appointed to represent the interest of shareholders.

Shareholders “have a right to a place at the table,” Walrath said during a hearing in Wilmington, Delaware.

TO read the full story, click here: http://www.bloomberg.com/apps/news?pid=email_en&sid=aKXk5O6nPiEA

We roll out the Welcome mat for FDIC, Hughes, Hubbard & Reed, House and Senate members

Hi, for those of you who study this site in order to gain knowledge, study for a court case, or merely for voyeuristic amusement, you should know, we are watching you as well.

For those of you helping the depositors of Indymac in some way legislatively, we THANK YOU immensely for your efforts, and encourage you to contact the sponsor of this website for any detail you require to assist you in your work. We also want to thank the members of the press who have really pushed and publicized for some results in our cause. It is a simple case of theft, only complicated by those denying us of the justice due to all affected by the Indymac debacle.

This topic will become a case study in some MBA program someday, if it is not already.

Be aware that we Indymac depositors intend to re-write history, and if we need to find a bunch of MBA candidates to help solve the way we have been wronged, then so be it. I know some of you in Cambridge MA, have been watching and you guys have competitors at Wharton doing same. I look forward to hearing from your great minds to aim our firepower in the right direction to recoup lost savings.

Cheers,

Lisa

Report: Indy Mac / OneWest / Deutsch Bank Ripoff report…

Well, if our old friends at Indymac, now OneWest are up to the business as usual, the business of ripping off people. I recently read a book named “The Best Way to Rob a Bank is to Own One”, by William Black. He features the Charles Keating misadventure back in the 80′s when colossal failures in banking history were made. Funny thing is, (sick funny) Darrel Dochow was working in the OTS and Charles Keating was under Dochow’s watch back then. History repeats itself. Since he was “retired” from the OTS in late December 2008 (with FULL retirement benefits) amid a storm cloud of banking clusters, we see that he was the key person allowing the backdating of funds to prop Indymac up, and keep it off the watch list in the eyes of the OTS and the FDIC. If it were not for this man, who should be in prison, we’d have been far a field from a bank on the watch list, all of us.

Ladies and gentlemen, it is my bold opinion that our government is responsible for taking our savings from us. It is the OTS that oversees what the FDIC is doing. If we cannot keep track of a pantie bomber, reported by his father to be a Muslim extremist, (seemingly a simple task), then how are we to ever have faith in the United States Government to keep our economy strong and back our almighty flagging dollar. Good old Ms. Sheila Bair of the FDIC will tell you “we (the FDIC) are backed by the full faith and credit of the United States government.” Ha. Well, Ms. Bair, I guess we who banked at Indymac, have no faith in the credit of the United States got the shaft. I am very patriotic and love my country, I just do not have faith in some of the puppets in control now.

Since Barney Frank led the Democrats on the House Rules Committee to unanimously vote down both potential amendments proposed by Congresswoman Jane Harman and presented by Congressman David Dreier regarding the Financial Reform Bill HR 4173, are Democrats really for the people? I am hearing from a lot of dyed in the wool Democrats who believe the party has betrayed many, and is out for its own personal power grab. When Republicans on the Rules Committee (who were out numbered) voted unanimously for our cause with regard to Congresswoman Harman’s proposed amendments, I guess we are getting a picture painted for us of what is going on in goverments. It’s a power struggle. It’s nothing more than a partisan power struggle. So, even when we see Dreier (R) support Harman (D), we have Barney Frank put up a wall of his blithering jabber and shoot them both down.

People, it’s not your party, it’s your principles, and if people keep voting along party lines, from you and me, joe and jane voter, all the way to the guys and gals in Congress who make more and more rules for us to live by, then we all lose. The devil is in the details. I suggest that before you punch any voter cards in November, or primaries in June, You really read, I mean really read about the issues, and what your about to vote for when you pick the leaders for your district, state, or Nation as a whole! Please for the love of God and Country, don’t just vote this party or that because your mother or dad did, or that is the way you have always done it, or your union tells you so, or you fear being judged. Start to educate yourself NOW on these issues. If we had all been active particpants a long time ago, we would be in a little less pain now, I am sure.

After watching our President Obama’s State of the Union address last evening, I find contradictions between his statements on behalf of the administration, and the actions of the administration. President Obama clearly stated that he was not happy about the banking bailouts. He said that we, the PEOPLE were not happy with them either. You know who is? The Bank owners! That is who. So if the President is not happy and you are not happy, then why did CONGRESS vote to perform money transfusions for the BANKS and money-ectomies from us? Even after we pay taxes on our money, and put it in the bank, they are not happy. They want it all. Well, when the government has all the money and all the power and we have none of either, then who are they empowered over, and by what method of rule? I think they call that Communism.

So I will leave you with the story to confirm yet again how the banks are making out like bandits, and we are at the open end of the barrel…
Click this link to read the story of one upstanding family and how a bank plays dirty pool.

Lisa Marshall’s commentary on today’s WSJ article; Investors, With Help From Uncle Sam, Reshape IndyMac

First, since we all have short attention span, little time to read a long soliloquy, and just plain old fashioned “I need it now” mentality I will give you my request regarding this article, and all that I post, as they are worth the read, and worth commenting upon at the site of the source journal (Wall Street Journal, Bloomberg, Barron’s, LA Times etc.).

1) Read the article with the embedded web address HERE: