The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: Neeka who wrote (3643)	12/23/2008 11:37:59 AM
From: DuckTapeSunroof	Read Replies (1) of 103300

IndyMac's backdating scandal. The Treasury has launched a formal probe into the Office of Thrift Supervision after discovering a senior bank regulator let IndyMac backdate its records just weeks before it was seized by the government. OTS supervisors allowed IndyMac, once the nation's 10th-largest mortgage lender, to record $18M of a $50M capital injection made on May 9 as if it had been carried out before the end of Q1 in March. This leeway made IndyMac appear to cross the threshold of a 'well-capitalized' institution when in fact it was only 'adequately capitalized.' Federal regulators seized the mortgage lender in July at a cost of $8.9B to the government's deposit-insurance fund.

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