My name is Elizabeth and I am so glad that I have found people that I can address issues with and potentially discuss alternatives to assist with our situations. Here’s my story:
I had just sold a ton of company options and lost over $168K in the bank foreclosure that has not been reimbursed to date. I sold my company options is hopes of diversifying my portfolio and put the money into my money market account at Indy Mac until I could find some other investments (it was only in my account for two months). I had over $450K in my bank account and then they bank filed bankruptcy. I got a portion back – but the $168K is still in question.
It is beyond me that the FDIC can take your money over night and then never communicate the status of what is going on. I have contacted the FDIC multiple times with no success. I called them repeatedly for two weeks straight – every day leaving a message and no one would call me back. I finally received a call back – but there only response was that they had no information and that I would have to wait. I asked how long and they said that they have no idea.
I can’t believe that the government operates this way. I am very concerned with what the government is doing now with all the bailout money which the public once again will have to fund.
I have already been hit so hard with this financial challenge. I saved my whole life for this and now it has been taken from me in 24 hours. I sacrificed through my life and never spent money beyond my means. But due to others’ over zealous spending patterns, I am feeling the pain. This is teaching me not to save and to spend everything I can and then the government will take the money from others to pay for my mistakes… is that what our society really wants to teach people?
On a side note … I have also been trying to determine from a tax perspective – how this “loss” will be handled. Due to the fact that I sold company options – I am being taxed at my ordinary income tax rate which is 35% for the money and now I don’t even have the money. Per the IRS publications – I will only be able to write off up to $20K against ordinary income (subject to some other limitations) or write the loss off against capital gains – which I have none since the stock market has taken a turn for the worse. \
Any information that you can provide on this Indy Mac situation is GREATLY appreciated since the government gives “NONE”. Please let me know if I can be of any assistance.
Best regards –