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.).
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Regarding today’s WSJ article by PETER LATTMAN And RUTH SIMON: First, they want to solicit your comments. Now, I will give you my take… The fact that IndyMac- now “OneWest” owns its latest crowning jewel, First Federal increasing branch number by more than double is just another clue for Congress’s WHO DONE IT game. So, we take a peek inside at One West, and find that the owners are all strangely connected to high powered Senators, and one man specifically Sen. Charles Schumer, and others. Since Indymac was called out by Charles Schumer, and right after, a bank run occurred, the FDIC was told by the OTS to close it and run it. The FDIC was watched by the Office of the Inspector General “OIG”, who later put out a scathing, almost apologetic report on themselves that the regulatory system had failed here. How sad, not for them, but for depositors, as this was just an experiment on a slide in a lab for them. For us, it was life savings, money to fund businesses, home improvements, all taxes paid, all assured by the bank, INDYMAC, to be fully insured.
If you were in trouble at sea, needed a life raft & someone told you the only way to save yourself was to kill your fellow man, would you? I don’t think so. OneWest is the financial version of a cannibal. These four investors, weak men who would eat their own young if it meant a few million more in their bottom line. Michael Dell- the computer genius- well maybe in his garage he could develop a program that makes bank accounts ring bells to owners if they are under insured. George Soros, the self effacing billionaire can perhaps just be quiet and quit putting his self hating foot in his mouth, as cleverly stated in a Jewish World Review article from December 2, 2003 by Jackie Mason and Raoul Felder. Steven Mnuchin, maybe he can start a group for homeless with the great hypocrite, Gov. Arnold Schwarzenegger, for soon to be homeless former IndyMac depositors and show his company’s investment film, Avatar film to entertain everyone. Perhaps Christopher Flowers can just sing a rendition of Dave Matthews “Gravedigger”, as he has self proclaimed himself a “grave dancer”.
The FDIC negotiations were likely a series of lame duck meetings, followed by, the offer by the ONEWEST investors to “take this token for Indymac & there is more where that came from, if you find yourself in a jam”. OneWest can afford to take banks off the hands of FDIC, keeping them from looking even more like the idiots they are & everyone except the people who EARNED and paid taxes on the cash is happy. Trouble is, they will be called out by those of us who do not give up until we connect all available dots. I hope one of us becomes important enough to listen to in Washington by those who care & know who we are.
Something smells really rotten in D.C., and Wall Street. You decide.
Go write about your comments on this article on the WSJ website.