Yesterday I wrote regarding the above subject and will include a copy of the letter in this correspondence that follows.

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WE THE DEPOITORS, CREATED THE BUSINESS’S, THE JOBS AND THE CAPITAL, AND THEN INTRUSTED OUR MONIES INTO BANKS THAT SHOULD HAVE BEEN REGULATED AS REQUIRED BY LAW. AND BECAUSE THE AGENCIES DID NOT WATCH OVER THE BANKS AS IS REQUIRED BY LAW, (THE BANKS, THE BROKERS, MORTGAGE BUYERS WERE ALLOWED TO BREAK THESE LAWS) WHICH CAUSED CAUSED THE FAILURE AT INDYMAC.

And when this failure at Inidymac occured it became appearant to the government that the FDIC coverage of 100K was not sufficient and should be permanantly changed to 250K per eligible account/depositor.

Therefore it would only be just to make the new coveerageage retroactive to cover the Indymac depositors.

If you and others vote yes to do this ( using TARP) monies I promise to put the monies back into the economy.

A Plea for help !!!

Not only was I an Indymac depositor (for business use & for personal future retirement savings) who lost 167,000.00 in monies deemed uninsured,

- but I was a small business owner, whom has started 5 successful different business over

over the last 30 plus years and whom has created and employed 100+ workers over that

time frame.

- as a result i have had to close my current businesses and can no longer employ workers.

- I have never asked for or taken ( nor would I ) any public assistance or government monies

of any kind nor would I.

- I and my wife now drive a 16 year old van and clip coupons and sell things on ebay to get by.

- As required by law, i I have declared & paid taxes on interest earned on paper

( Principal and Interest on monies that I have not and will never see ).

Kind of Ironic, that you have to pay taxes on Interest credited to an an account whose

balance was reduced by 167,000.00 ( which was more than 10x the amount of interest earned)

-

Before opening the account I was told by Indymac supervisor and also by a supervisor

at the FDIC (whom i called prior) that I plus all named ITF (in trust for’s) would each

receive 100k insurance coverage. Unfortunately this is incorrect, (as i learned from a

newly created FDIC calculator program that did not exist prior) when the person whose

account it is names ITF’s then that person no longer counts as one of the names eligible

for for 100k insurance coverage.

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- And some how by sheer luck the buyers of the indymac bank paid a price equal to an amount that just covered the 50% advance paid out to depositors. How would FDIC officals know immediately after taking over the bank how much they would be able to seell it for.

- And then the new owners (whose paid and put up pennies on thee dollar) were given a cap of 20% losses on any non-performing loans whereby the govt would pay an additional losses.

- so if the govt was guaranteeing 80-90% of the asset value why were depositors only given 50% and then told there would be no more monies paid out.

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– the FDIC agenicies that are supposed to watch over banks were asleep and corrupt (in telling Indymac to falsify deposit records) which directly allowed thee greedy/corrupt bankers and mortgage brokers to line their pockets which commissions

on inflated asset value….

— Then the govt rewarded those with mortgages who got in over their heads, reducing their interest to near zero and extending their payments out as much as 40 years.

— The govt also reward first time home buyers with an 8000 tax credit, that should go to all home buyers

It should not have gone to just first time home buyers since they are the ones with the least credit who got themselves into

crazy mortgages with variable rates…

The govt also then bailed out insurance companies who owned thesee assets and were suppoosed to be in part responsible

for mortgage insurance on 1st and 2ndmortgages…

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WE THE DEPOITORS CREDITED THE BUSINESS’S, THE JOBS AND THE CAPITAL, AND THEN INTRUSTED OUR MONIES INTO BANKS THAT SHOULD HAVE BEEN REGULATED AS REQUIRED BY LAW. AND BECAUSE THE AGENCIES DID NOT WATCH OVER THE BANKS AS IS REQUIRED BY LAW, (THE BANKS, THE BROKERS, MORTGAGE BUYERS WERE ALLOWED TO BREAK THESE LAWS) WHICH CAUSED CAUSED THE FAILURE AT INDYMAC.

And when this failure at Inidymac occured it became appearant to the government that the FDIC coverage of 100K was not

sufficient and should be permanantly changed to 250K per eligible account/depositor.

Therefore it would only be just to make the new coveerageage retroactive to cover the Indymac depositors.

If you and others vote yes to do this ( using TARP) monies I promise to put the monies back into the economy.

Sincerely

Ronald Bucell

FDIC’s Bair offers no comfort to uninsured IndyMac depositors

The head of the Federal Deposit Insurance Corp. delivered some bad news personally to uninsured depositors who lost money last year when IndyMac Bank crashed and burned, saying an act of Congress is their only hope for recovering their funds.

Read the full story here.

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