August 01, 2008

FLASH; Toxic lender IndyMac files for Chapter 7 liquidation / bankruptcy protection. Gee, what a shock, eh HP'ers? No, we never saw that one coming!

Now if we can just get the Feds to pick up Michael Perry and toss him in the clink, we'll be done with this sordid chapter.

IndyMac Bancorp Files for Liquidation After Seizure

IndyMac Bancorp Inc., the second- largest U.S. independent mortgage lender before it was seized by federal bank regulators three weeks ago, filed to liquidate its remaining assets under bankruptcy protection.


Mark in Philly said...

This action is deflationary

Yet there are many indicators of inflation in the economy.

Wonder which will win out?

Maxwill said...

Cramer was on the Today Show this morning. They showed his explosion from last year and he said (paraphrase) "many in the government thought this was a rant. It actually turned out to be very prophetic." It was something close to that. Apparently he has forgotten about his Bear Sterns prediction...

Anonymous said...

Not one of the guilty will serve time.

Not One.


You live in Hitlers Germany, -oops, I mean Buschco' America.

Anonymous said...

"Now if we can just get the Feds to pick up Michael Perry and toss him in the clink, we'll be done with this sordid chapter."
Don't hold your breath. Rich people in America are above the law.

Deflation is a hoax said...

Inflation in the form of price rises, occur when there's too much money chasing too few goods.

Money comprises two parts: Money supply and credit lines.

Money supply is hyperinflating and credit is contracting.

This means that things you buy with regular money will go up in price, while things you buy with credit/debt (higher priced items) will go down in price.

Is this deflation? Yeah, under certain definitions. But in real life, you're paying more in taxes, more in gas prices, more in other energy prices, more in grocery prices. But hey, those SUVs and houses are getting cheaper all the time! :)

Toby said...

The bankruptcy was for the holding company, and it was a mere formality as 100% of the assets have collateralized claims on them. The actual bank did not declare bankruptcy as this is illegal. Kind of ironic isn't it? Banks can't declare BANKruptcy.

Anonymous said...

Bush's Silverado S&L + McCain's Silver State Bank

Banking fraud runs deep in these neoCON families.

Disorganized crime?

Anonymous said...

Deregulation is a failure.

Libertarianism is a scam.