The FDIC sells failed IndyMac Bank too soon—and for too little. Here is a recent article which effects all of the uninsured depositors Click HERE to read. The FDIC said it could run Indymac for years if necessary. I have news for everyone, the FDIC has no interest in insuring depositors that were lied to by Indymac Bank that exceeded FDIC limits or whose beneficiaries were denied coverage. The FDIC knew what was going on and what banks were telling their customers. They choose to look the other way. They are just as at fault.
Not for us uninsured depositors!!! Please read this latest article appearing in the The Wall Street Journal this morning Click Here to read. Just another fine example on how the Federal Government and the FDIC are looking out for the interests of failed Indymac Bank uninsured depositors.
Click Here to see the FDIC press release anouncing the sale of Indymac bank.
Embedded in this release is an attachment. Pasted below, are the first two bullet points of the attachment. Please see the second bullet.
Fact Sheet: FDIC Sale of IndyMac FSB
• The FDIC, as Conservator for IndyMac FSB (“New IndyMac”), entered into a letter
of intent to sell New IndyMac to IMB HoldCo LLC, a thrift holding company
controlled by IMB Management Holdings LP, a limited partnership, for
approximately $13.9 billion. IMB HoldCo is owned by a consortium of private equity
investors led by Steven T. Mnuchin of Dune Capital Management LP.
• Uninsured depositors will not be receiving an additional claims dividend at this time.
Looks like no refunds for depositors at this time according to this official document release.
I just came across your blog today and would like to share a story that you may publish. I like so many others here was mislead many times by Indymac Banking officials that all my accounts were fully insured. I called several times and was assured that my accounts were all fully FDIC guaranteed. Even on the Monday after the bank was closed teller 240 reviewed my accounts and I received the same answer that all was in order.
Of course after going through the gut wrenching process of the FDIC interview I found out different. I lost a lot of money due to incorrect bankers information.
I wrote my Congressman, but have never received any answer from him or his staff. I wrote him again after the FDIC changed the rules and was told by FDIC officials that it would NOT include Indymac customers. Had the new rules been made retroactive I would have not lost one dime of money. What an injustice to those of us that trusted the Bank and the government is doling out billions of dollars to save so many other banks. I even called the FDIC to see if they were receiving any of the TARP money but was told no.
Now that it looks like the Bank is going to be sold for 14 billion and you do the math there won’t be enough money to pay the uninsured depositors. They will actually be losing money on the assets as far as I can tell, which will leave nothing for us. When I called the FDIC this morning to run the scenario by one of the agents to see if I was understanding the math right she agreed, but could not comment since nothing had been officially announced. It looks like a fire sale to me for the FDIC to get rid of the Indymac headache. I realize this isn’t the best time in our economic crisis to be selling a bank. It’s just to bad that innocent and careful depositors will probably take it in the shorts on this one. I guess the next few days will tell the story.
If there is anything I can do to help our cause please let me know and I’m very glad to have found your blog. If nothing else I don’t fell so alone in this unjust mess.
I was appalled this morning when I went to the FDIC official website http://www.fdic.gov/about/contact/directory/index.html to contact the Division of Resolutions & Receiverships only to find that all the phone numbers for the contacts from their Headquarters have conveniently been deleted from the FDIC websight. Shame on the FDIC. They have obviously confused the concept of trying to be more “transparent” with that of being more “invisable”. Clearly they are trying to avoid our phone calls so they do not have to deal with the depositors from Indymac. Lucky for them I saved the original list with the phone numbers from when Indymac first failed because I suspected that the FDIC might try and do something like that. I will contact Lisa to see if she can post the list I have so we can contact FDIC officials with our concerns, comments and questions. Your comments are greatly appreciated. Thank you.
IMMINENT FIRE SALE OF INDYMAC BANK MUST BE EXPOSED !!!
The illegal actions of the OTC regulators in May are now compounded by the FDIC desperate efforts to dump IndyMac Bank by year’s end regardless of return or consequences.
PLEASE EXPOSE THIS FDIC SCAM DEVELOPING AT GREAT COST TO THE TAXPAYERS !!!
The scenario is simple:
The OTC allows Indymac Officials to backdate a massive infusion of assets in May , to hide the severity of
their financial condition, deceiving Depositors, Stockholders and the public at large.
If properly informed, the FDIC would have intervened and sold IndyMac Bank sooner, for much more money before assets deteriorated further.
The FDIC takes control of the Bank’s Assets in July when their interests are compromised.
Due to repeatedly documented misinformation of FDIC Insurance Parameters, The FDIC seizes “uninsured”
funds from 10,000 Depositors. The last five months have been a living hell for them…….College Funds vanished, retirement nest eggs decimated, old people penniless….savings of a lifetime disappear.
Shiela Blair spends these five months “altering” mortgages.
The Treasury has doled out over one trillion dollars Charles Schumer’s buddies on Wall Street who made obscene profits from these Loans. Irresponsible Mortgage holders now are “Victims”.
News of the OTC cover-up in May hits the media on December 23rd.
Simultaneously, the FDIC lifts its’ news blackout to announce the sale of IndyMac by year’s end.
December 26th the media uncovers that a desperate FDIC is finalizing negotiations with a private equity firm led by former Goldman Sachs executives ….. Sweet Deal !!!
The scam is simple: The FDIC gets rid of IndyMac
Buyers obtain Bank Charter and get bankrolled for billions under TARP.
Depositors and Stockholders, and ultimately Taxpayers are shafted with MORE debt .
WILL SOMEBODY PLEASE DEFEND THE PUBLIC’S INTERESTS ……????
For further details or documentation please contact directly Lisa Marshall at email@example.com or the undersigned.
Warmest Holiday Wishes,
Here we go !!! The moment of truth is upon us. We have waiting patiently for months while the FDIC has experimented with Indymac as laboratory rat with their loan modification program. Now that the FDIC has ran the bank into the ground we can see what it will go for. Check out this article at the following:
Does anyone really believe that the FDIC has looked out for the best interest of the depositors? Isn’t it ironic that the long-awaited sale of Indymac Bank may be announced as early as Wednesday, Christmas Eve Day?
All I want for Christmas is my hard earned money back so I can stimulate the economy and spend lots of money on gifts for my family and friends which they so much deserve.
Please read my story at:
IndyMac Bank Customer Frustrated by $52K Loss !!!
Links to FDIC press releases that effect our deposit insurance:
Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor http://www.fdic.gov/news/news/press/2008/pr08093.html
FDIC Simplifies Coverage Rules for Revocable Trust Accounts http://www.fdic.gov/news/news/press/2008/pr08086.html
These rules need to be made retroactive to when this crisis began and lawmakers agree that Indymac was the first major bank to fail due to our current economic crisis. TARP (Troubled Asset Relief Program) funds could also be used to purchase “toxic” mortgages from failed Indymac Bank which would provide the FDIC enough money to return to the depositors.
Recent letter sent to Sheila Bair. We all need to contribute to this blog and share our stories.
December 15, 2008
Ms. Sheila C. Bair
Chairman of the FDIC
Federal Deposit Insurance Corporation
550 17th St. NW MB-6028
Washington, DC 20429
Dear Ms. Sheila Bair:
I am one of the many depositors that were fraudulently induced to exceed FDIC deposit insurance limits at failed Indymac Bank. I had two CD’s with the bank and I was assured that my accounts were properly insured by representatives at Indymac. Per the advice of Indymac Bank one account was held as an individual insured by the FDIC for 100k and the other account was held as a trust account with two beneficiaries (ITF’s) and insured by the FDIC for 200k. I have been informed by the FDIC that one of my beneficiaries on my account is not “qualified” and I have uninsured losses that exceeds $105,000.00.
On Friday August 8, 2008 I spoke with a Mr. Michael D. Geske at the FDIC he went over my accounts and made a deposit insurance determination that I had a grand total of deposit insurance of $300,000.00 and the total of uninsured funds of $5,798.17. Mr. Geske also stated that I would receive a corrected receivership certificate in the mail and the balance of my insured funds. Copy of the email sent by Mr. Geske at the FDIC confirming the conversation is attached. As of this date I have received neither a corrected receivership certificate nor the balance of my insured funds.
I have contacted numerous agencies including the Office of the Ombudsman at the FDIC and my local Congressman’s Office and have not had a satisfactory resolution to this matter. I am currently working with Senator Bill Nelson and Senator Mel Martinez in my state to help resolve this matter. I am writing to request formal assistance from Ms. Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation.
I am requesting that the FDIC insure my account balances for the $300,000.00 that I was assured by Indymac Bank as well as by Mr. Michael D. Geske at the FDIC. Effective September 26, 2008 the FDIC modified the rules for revocable trust accounts regarding the concept of “qualifying” beneficiaries and will insure virtually any beneficiary listed on an account. Effective October 3, 2008 with the passage of the Emergency Economic Stabilization Act, insurance limits were increased to $250,000.00 in an attempt to instill public confidence in the banking system.
The Federal government and lawmakers have acknowledged the fact that Indymac Bank was one of the first banks to fail due to our current economic crisis. I firmly believe based on the size and scope of such a large publicized bank failure such as Indymac Bank that lawmakers should have made these changes retroactive to when this crisis initially began. I hope that lawmakers can go back and correct this situation and do what is right for the American people who have lost so much at Indymac Bank.
I would greatly appreciate your assistance in regards to this matter. If you need any additional information or I can be of any further assistance please do not hesitate to contact me at the address above or call me at (Deleted) or (Deleted)