July 15, 2008

More historic images coming out of California of screwed savers camped outside fraudster Michael Perry's IndyMac bank branches - c/o the OC Register

I hope Michael Perry remembers these images after his arrest and conviction, as he rots away for the rest of his life in jail.

Rampant mortgage fraud perpetuated by Michael Perry and the management and employees of IndyMac caused this mess.

And now it's time for the arrests to start.



devestment said...

In 1991 the California market crashed as a result of people in trouble holding out for a high price which they never got and inventory piling up at foreclosure.

This is just starting to happen here.

We are now in uncharted territory. With banks going into receivership and the government taking control of their foreclosed homes, I feel the process will be drawn out, slow, and painful.

Imagine the inefficiency of the government in respect to the liquidation of homes. Will people be able to stay in their foreclosed homes longer without paying rent? Will the homes have more damage and deferred maintenance? Will they get striped of their copper, appliances, and other tangibles that can be sold by the distressed?

Is the falling knife picking up speed?

Free Enterprise is a Wonderful Thing said...

Yeah, Perry, Mozilo, et al., are despicable weasels who offered a risky product.
But whatever happened to Caveat Emptor?
Must not most, if not all, of the blame for the mess be placed on the 'customers' who purchased that product and who knew - or should have known - better?

Anonymous said...

did you see the extra bonus in the gambler bailout bill?



I hope it only gets worse.


bitterrenter said...

Stop! My sides hurt from laughing!

Far from going to prison, Michael Perry and Mozilla or whatever his name is, are two of the most respected men in America! As most of the brainstem conservatives who frequent here can attest, the only measure of a man in our fabulous capitalist paradise is how wealthy he is, not how he got his wealth!

I mean, you brainstems have voted for this kind of culture for decades. When liberals told you ethics and honesty were important, that money wasn't everything, you rolled your eyes and could only salivate over the luxury items you saw on "Lives of the Rich & Famous". "If only we could get rid of the liberals", you thought back in the late 70s-early 80s, "we could remove regulations, lower taxes, and then I could get rich and have all that neat shit too!"

So for decades you dutifully voted for republicans who, right on cue, dismantled the government, privatized the financial system and funneled the goodies to a handful of people. Sure, you saw some of your contemporaries doing great but the largesse never seemed to filter down to YOU.

Now you whimper and whine and wonder what went wrong. Many of you now have kids and you worry what life will be like for them. But still, you plan on supporting republicans, prefering the more innocuous term "libertarian". Sort of how the liberals, after years of punishment and abuse of the word "liberal", became "progressives".

Still, the bottom line is the same. You AND your dull progeny are screwed. Voting democrat won't even change that now that the party has all but abandoned their liberalism, instead forging some bizarre amalgm of republican-wannabe-ism.

Makes me smile to think of the future your kids are facing. Makes me laugh, actually.



Anonymous said...

I thought Tangelo Mozilo was one of the original founders of IndyMac?

Anonymous said...

The old dude in the white cabby hat and big fit over sunglasses looks like he might be having flashbacks of a day gone by when he was a much younger man standing in a long line trying to get his money out of a failing bank.

Everything old is new again.

Anonymous said...

Look , the powers have decided to rig the system to bail out the holders of junk mortgages and they want a "blank check", to cover the losses . It couldn't be more clear .Don't turn Fannie and Freddie into
the bag-holder for the evildoers.

All these acts by Paulson and the Fed Chairman will not save the housing market . Keeping the interest rates low to provide cheap money for the banks has only served to create destructive inflation .

At this point one can only conclude that Paulson and the Feds and Dodds and people who support and have conceived of this plan have no clue of how wrong their bail out acts are .The bail out plans obstruct Justice and obstruct free market capitalism .Fine about making new rules to protect the public ,but that doesn't entitle you to screw the public in the process of obstructing Justice regarding the law-breakers .

These powers think they can change contract law ,after the fact . These power hungry jerks think they can get a unlimited "blank check ",at the taxpayers expense .
These power hungry self-serving little boys think that all that matters is what will benefit the fat cats and leave the Country in shambles for decades . The jerks that allowed the problem to occur are the jerks that are trying to solve the problems? No, I think the
Nation needs to get away from these jerks that are leading the Country to the iceberg .
If there has ever been a moment in time in which we are on the verge of the worst mistakes in history being made ,it is now .

For Congress and the Senate to set there and listen to the ramblings of Paulson and the Fed Chairman ,when those two have been wrong for two years ,is a joke. The taxpayers have already lost a billion dollars from the Bear Stearns bail-out .

Get Dodds out of there ,he has already proven that he is a bias ,incompetent, bought out, shill for the lending business .

There are times in the course of human events that people must come to grips with the fact that the elected politicians are doing harm and breaching duty on the role they have ,and that is to protect the public .Taking money from prudent people and giving it to gamblers is not your normal idea of the public interests.Make the right parties pay for the crimes of the fake housing market .
We saw the faces of people losing
money from the Bank run ,yet the powers refuse to let the creeps lose money who created this mess .

Anonymous said...

Time to bring back public hangings

Anonymous said...

Time to bring back public hangings

HB Slacker said...

Just stopped by Indymac branch on Beach Blvd in Huntington Beach, CA (Orange County)Same story stressed out sheeple looking bewildered, scared standing in line all wondering what is going on. I drove by this morning around 9:30 am saw the crowd. I stopped on my way home around 1PM and spoke to them. The bank employees confused too and one handed some paperwork explaining what to do and why this has happened. Many private security guards monitoring the crowd.

Anonymous said...

Similar crowd as Northern Rock. Lots of pensioners.

But pensioners might not be internet savvy. No way to know except your buddy Cramer and CNBS.

On the other hand, they should of seen this coming.

Anonymous said...

I was in an Indymac branch today depositing a check- 10 min in and out. There was a large line for people wanting to pull their money out. By the way now that Indymac is Indymac Federal it's the safest Bank in America and paying 3.6% on a money market.


ate up said...

Bitter Renter:

I don't agree with wishing the kids bad, so that is consistent with I haven't agreed with you. However, I agree with EVERYTHING ELSE you said this time.

Ate Up.

Anonymous said...

Help! I started a Wachovia death watch thread on a Charlotte site and they're freaking out. Even resorted to Chicken Little name calling. It can't happen here they say.



Anonymous said...

Do whatever you like, gummint. More wars, lower taxes, this candidate, that candidate...

It's a complete sham.

What many decades of divide/rule/blame horseshit could not accomplish, economic reality will soon bring home.

We spent a buttload of fiat money; now the chickens roost.

Anonymous said...

It's not about Republican or Democrat anymore--They are both the same and controlled by the same people. The President is just a figurehead for the New World Order.

Anonymous said...

I love how it ask for the reason and everybody puts down "gimme my money"..... duh. why else would they be there? maybe to offer their condolences at the loss of the business due to this bad economy.

Anonymous said...

Keith, if you really believe that any one of these guys will be arrested, you're a fuckin idiot..... Wake up dude.

Honica Jewinski

BelowTheCrowd said...

Perry gave a speech at UCLA Anderson last year.

I was there.

Here's the video and my commentary.

As recently at 9 months ago, with the implosion in full swing, he was still questioning whether credit losses would sink any mortgage lenders who owned the loans. At the same time he was still "spreading the gospel" that you could live beyond your means indefinitely if you just borrowed and bought a house:

Heck no they're not saving, because their net worth is growing. If your net worth is growing, in financial assets and other assets, you can spend more than your annual income!

Ooops. Guess that doesn't work.

Video of fraudster Michael Perry, ex-CEO of ex-Bank Indymac, spewing his drivel on October 12, 2007


Lost Cause said...

We are now in uncharted territory

No we are not. All of this happened when Bush the Father was president. That was the last time the country got soaked by the same gang.

Lost Cause said...

I will be happier when the stain that is IndyMac is washed from our culture. Perhaps it will remain as a warning, like Hindenburg.

Anonymous said...

No we are not. All of this happened when Bush the Father was president

It was worse when that idiot FDR was in charge.

Anonymous said...

Well, I guess we know who the savers were in the USA. Elderly white people.

How come there are no Gen-XYZ in line to take their money out?