Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: HPilot who wrote (398188)	7/13/2008 2:24:21 AM
From: tejek	Read Replies (1) \| Respond to of 1576619

The bank is failing due to a run on the bank. It is very unlikely it would out and out fail from bad loans. Lose profitability for a few years maybe. At any rate it may take months even years to fail from bad loans. OIC is directly laying the blame on Schumer. But he doesn't care, just another problem to lay at Bush's doorstep. Oh......give me a break! IndyMac along with WaMu, Wachovia, Citi, Bank of America etc have been on a death watch since last summer. And yet we're supposed to believe a letter written by Schumer started the run. Hmmm....maybe just maybe...it may have speeded up the process but it would have happened in any case. BTW who leaked the letter?: "The leaked letter he sent to regulators last week questioning the financial footing of the Pasadena-based thrift caused a mini-bank run this week, and presented the ideal timing for a consumer group to pile on with claims of predatory lending. The LA Times got its hands on a letter from John M. Reich, director of the Office of Thrift Supervision, back to Schumer on the matter, which pretty much told the good Senator to keep his thoughts to himself — or at the very least out of the public limelight." housingwire.com Uh......If Reich was so concerned with publicity, why didn't he call Schumer instead of writing another letter? Oh wait.....his letter never got leak. That's funny! "Concerns over the bank’s future are a far cry from the exuberance exhibited by CEO Michael Perry in very early May, who said then that “we have turned a corner and that our business is improving.” The bullish comments temporarily boosted stock prices at the lender; but not long after that point, IndyMac posted a $184.2 million loss for the first quarter, and warned it likely wouldn’t be profitable in 2008. Shortly thereafter, in mid-May, Fitch Ratings cut its core credit ratings on the bank for the second time this year, moving the troubled lender further into junk territory over concerns about the bank’s “ability to manage capital.” Perry told the Journal that IndyMac was “working hard” to raise capital, but did not provide further details. housingwire.com Uh.......let me see.......IndyMac lost a ton of money in their latest quarter, Fitch cut the bank's ratings down to junk, and the bank was having trouble raising capital. And yet you and Reich are trying to blame Schumer, a Democrat, for the run. To what party does Reich belong? Oh wait.....he's a Bush appointee. Never mind. Enough said! Soooooo.....who leaked Schumer's letter? Oh wait....I've already answered that question up above. Never mind. ;-)