I hope that about sums it up.
Get ready to bail out the FDIC HP'ers.
They're out of money, they're knowingly allowing insolvent banks to continue operating, and they're run by yet another incompetent Bush appointee who is in waaaaaaaaaaaaaaaaaaaay over her head.
We knew Indymac would fail, and yet it came out Indymac wasn't even on the FDIC's watch list. And now, right on schedule, we get word that the losses to the taxpayers due to Michael Perry and his gang of criminals at Indymac will be far, far, far worse than the FDIC told us. Gee, what a surprise.
Wait until they find out about WaMu. And First Fed. And oh, so many more.
Get some popcorn.
Cost of IndyMac bailout: Worse than the worst-case scenario
When the federal government seized IndyMac in July, it estimated the failure would cost the FDIC's insurance fund somewhere between $4 billion and $8 billion. Yesterday the FDIC said the cost will be even worse than its previous worst-case-scenario estimate: $8.9 billion.
September 02, 2008
It should be clear: The FDIC is run by incompetent monkeys who are lying to the American people, and the FDIC itself will now need a taxpayer bailout
Posted by blogger at 9/02/2008