Saturday, July 12, 2008

And A Nigger Is Going To Clean This Up?

Ninth Largest US Mortgage Bank Fails

$19 Billion in Deposits For Hundreds Of Thousand Of Working People Frozen;

Account Holders Lose Over $500 Million In Accounts

7/12/2008

Pasadena, California -- Indymac, what was once the ninth largest US mortgage bank, failed today, taking with it the bank accounts of hundreds of thousands of its customers, whose funds in their checking and savings accounts became locked and no longer accessible, making it the second recent large bank failure in the country and a possible harbinger of additional expected bank failures that could lock up millions of dollars of people's checking and savings accounts.

While most people who found themselves unable to make their rent and car payments because IndyMac failed to honor their checks will eventually get their money back from the Federal Deposit Insurance Corporation, which is preparing to make good on over $5 billion in claims, more than 10,000 IndyMac customers who had accounts with more money than the FDIC will cover stand to lose over $500 million between them.

It's possible this will be the most costly bank failure in history, but it's too soon to say," FDIC Chairman Sheila Bair told CNN MOney in a conference call late Friday night.

IndyMac had over $19 billion in deposits at the time of its failure and over $32 billion in assets, and is the 5th bank to fail this year. Three banks failed between 2005 and 2007. Additional bank failures are expected in the near future.

This came as Wachovia, the nation's fourth largest bank, prepared to declare a multi-billion dollar loss for the quarter and announce it had cut or was cutting over half of its corporate and retail staff, closing several branches and trying to cut costs in an effort to reorganize.

Wachovia had been sought for acquisition by JP Morgan Chase earlier this month and is reportedly on the brink of failure itself. Other major lenders, including Citibank, appear to be headed down a similar route, though their danger is not quite as advanced.

Chase, which was forced to close its Subprime Wholesale unit May 15 and which is shuttering doors on other divisions of its company, also seems to be having internal troubles, as does Bank of America.

Okay, tell me again, exactly, how a Chicago street nigger without even a full term in the Senate is going to kiss all this better?

1 Comments:

Anonymous Heimdall said...

Perhaps the bully jew mr Brezinski have some plans ? Some sorces on the internet claims that this jew and perhaps other jews with incredible powers are backing this funny cretin up. Perhaps the jews are planning another war , this time against China ?

11:59 PM  

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