July 17, 2007

Another liar's loan (Alt-A) lender goes under - and here's the kinda funny, kinda sad, kinda weird adios from their CEO

How much longer until Alt-A king IndyMac comes clean do ya think? Mark to Market anyone? Public audit anyone? SEC investigation anyone? (yes, I'm happily short IMB at time of writing)

Here's the goodbye letter c/o calculatedrisk from Chapter 7 Alliance Bancorp

This year we’ve put up a valiant fight! One with integrity, dignity and never wavering determination, focused solely on how to succeed. We have reached out to everyone we know, and many that we don’t know, to tell our story, of how we have made it this far, of the expertise and skills that we have, of the quality of our organization, and of how we have refused to lose!

We have received tremendous support and loyalty from our employees and business partners during this year’s extreme conditions. So many individuals and companies have believed in us and cheered us on as we’ve dodged the obstacles thrown in our path, obstacles that many others were unable to overcome. We have had extraordinary support from our ownership and Board of Directors. They have acted unselfishly, putting the company, its employees and creditors first and foremost. They are honorable people whom I highly respect.

Unfortunately the latest market was more than we were able to overcome. We have exhausted our resources and do not have the means to move forward. Therefore, it is with great sadness that I announce that we have ceased operations as of today, July 13th.

Lisa Duehring

And here's the hiring section on their website that's still live for some reason. I guess the webmaster got canned first:


This is an exciting time to be a part of the financial services industry and an excellent time to build your career with a nationwide lender in the innovative Mortgage Lending Industry.

Ever since the 1980s, the Alliance Bancorp team has grown in size and strength and has been effective because of our people. We have some of the most talented, innovative and dedicated people in the financial industry. We value team players who can work in a fast-paced environment, are flexible, and have a strong work ethic. We enjoy the benefits of a large corporation with the personal attention of a smaller company. Our unique philosophy is what sets us apart.

Alliance Bancorp is always seeking professionals to join our growing team. We offer competitive salaries and an employee benefits package.


fish said...

...And here's the hiring section on their website that's still live for some reason. I guess the webmaster got canned first:...

Nahh, they still need to hire a few to help carry boxes out of the building!

bickerer said...

Heard once that when the emperor of Japan spoke to his people announcing the end of WWII, many in the crowd though they had won.

Anonymous said...

Sounds like Lisa Duehring was a bit menstral when she wrote that. Probably wrote it while having a good cry, watching a Lifetime movie, and eating cookie dough out of the tube.

Anonymous said...

I bet Lisa had a golden parachute...

sam said...

And sell their customer list of desperate homedebtors to every credit provider in the country.

CareerBuiler Lies said...

But they list on CareerBuilder and there are 7 jobs listed:

Branch Lending Specialist
Branch Lending Specialist - again
Analytics Valuation Manager
Mortgage Credit Risk Manager
Credit Analytics Manager
Loan Consultant -


Loan Officer Earn 85-95% Splits less $500
work from Home!
Job type: Full-Time Employee
Pay: $0 - $999,999/year

Colonel Angus said...

Pathetic corp speak. No where did the CEO mention the unethical abandonment of prudent lending practices. I guess no one cared as long as the cash was rolling in.

Anonymous said...

Hold the phone sheep..er people! I`m telling you everything is going to be alright. All of you who went cash last week, listen up. Paul Harvey said Coca-Cola was up 18% in sales, and inflation in energy and food commodities were down. All you need to do is put that cash right back in(I bet it stung when the market broke 14,000, didn`t it?) the market and you`ll be a whinner...oops, I mean a winner in no time!!! Good times,Gooood times!

Beyond the Consumer said...

When companies go broke and shut down suddenly like this, leaving all its workers high and dry without jobs (and likely destroyed benefits), I wonder if the CEO, like Lisa here, is in the same boat or is leaving the building with a bulging suitcase.

Anonymous said...

You're right. The corporate speak from Lisa is about enough to make you hurl. She was installed as el' Presidente' in 2006 and then "promoted" in 2007 to the CEO position. Classic Fall Guy (or Gal) so that the old CEO (and founder) could retire and continue to serve as a "consultant" (wonder what kind of a consulting contract that dude signed up with Alliance?) to the Board. What horseshit.

Anonymous said...

"join a winning team"

What total horseshit.

Anonymous said...

all of you will be glad or amused to know that Lisa & Co went on to organize a bank of which during this crisis she was to pay herself $25,000 per month. Oh and she did! Because when the funds that all had contributed to start the bank were exhausted everyone wanted to know where the money went.