[July 12] Second Largest U.S. Bank Collapse - IndyMac Bank, Owner of Countrywide

On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator. All non-brokered insured deposit accounts have been transferred to IndyMac Federal Bank, F.S.B., Pasadena, CA ("assuming institution") a new FDIC-insured Federal Mutual Savings Bank. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.

Please select the link below to read more about this event:

FDIC Bank Closing Information for IndyMac

The IndyMac websites are expected to be available Monday, July 14, 2008.

If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.

FDIC CALL CENTER
866-806-5919

CALL CENTER HOURS OF OPERATION:
Friday, 7/11/08, 3:00 p.m. - 9:00 p.m. Pacific
Saturday, 7/12/08, 8:00 a.m. – 8:00 p.m. Pacific
Sunday, 7/13/08, 8:00 a.m. – 6:00 p.m. Pacific
THEREAFTER
Monday through Friday, 8:00 a.m. – 8:00 p.m. Pacific

i dont get it
what happened

Basically they were fucking up all their payments to the BIGGER banks (like, the treasury) and the federal govt. came in and now they're running it. The FDIC is literally taking over this bank, it opens BACK UP tomorrow.

And the FDIC is also saying it's gonna cost 30billion to

* Make all the payments to those who lost insured money

* Bail out the bank from its debts to other private banks

* Actually staff the new executive board.

The economy is going to shit man. This is almost the worst time to try and come up in the music industry.