Now there's the weekend news!

Oh ****....and I went out flat on Thursday.

Damnit! Why oh why do I always have to short the hole?

Quote:

IndyMac sits atop 10s of billions in the most toxic of all loans, Pay Option ARMs, HELOCs and subprime. Much of these are on lines or have been borrowed against from the likes of the Federal Home Loan Bank of Atlanta, which in a fit of generosity and stupidity took Pay Option ARMs as collateral late last year before Schumer made a stink.

Ahhh...it all makes sense now. No wonder Paulson was on about needing further authority to unwind these huge (failing) banks.....

THIS is the big story here. FHLB is on the hook here. We're going to get to see that superlien in action.

So this isn't officially news yet. Maybe I can double down my XLF PUTs Monday morning.

Well, according to Hedgie's article, it will be announced Monday morning. Before Market open? Don't know.

These guys must be losing their touch for timing. They shoulda just let this news come out Saturday night while everyone was partying. No one woulda' noticed for a while.

There must be a country song in there somewhere...

Why, oh why must a I always short the hole?
I went out flat Thursday, now Monday she'll blow!

etc. etc. etc.

I knew the divi looked too good to be true.

I feel evening wood cuming. More evidence my chart might be right.

Hoary ****!

Let's hope this one pans out!

What took so long?

Does the market rally when this is announced?

I can see the pom poms in CNBC:

the worse is over!

the worse is over!

ruh ruh ruh

Indymac holds $19 billion in deposits. FDIC insures $16.5 billion of the deposits and $2.5B are uninsured accounts at Indymac. What part of the $100,000 insurance do people not understand?

pika....look at the slosh for two days later this week.....looks like 20 per day coming out/to be rerolled. Also, isn't it ironic that a decrease in rates may have nailed them? Message to Ben:Ooops!

Hmm, indymacbank.com and indymacmortgage.com still up. Normally a bank's site gets updated by the FDIC, yes?

Anyone with an account there care to log in and check for any alerts?

Indymac holds $19 billion in deposits. FDIC insures $16.5 billion of the deposits and $2.5B are uninsured accounts at Indymac. What part of the $100,000 insurance do people not understand? >>>>>>>>>>>>>>>>


they will find out tomm

if true this quarter for IMB could be the "IMB quarter" you know when they threw out Indymac since they didn't have anything left to throw out.

I find it amusing that the tagline at indymac.com is "Raise Your Expectations". Ok, the FDIC is shutting you down on Tuesday instead of Monday.

Who's gonna absorb IMB?

Rjazz: You left out mama, trains, trucks, prison and gettin drunk!!!

DSL and FED are next.

FDIC reports state that IMB increased deposits from 11.6B in 2007 to 19.0B in 2008. I was wondering how the heck that was possible so I looked at CD rates on Indymac site and this is what they show:

Banks 3 Month CD (APY) 6 Month CD (APY) 1 Year CD (APY)
IndyMac Bank 3.70% 4.10% 4.35%
Wells Fargo Bank 1.70% 1.80% 1.90%
Washington Mutual 1.15% 1.50% 1.50%
Citibank 2.40% 2.00% 2.00%
Wachovia 1.16% 1.26% 1.51%


Source: Bankrate.com

They are paying 2.35% more than any other bank on one year CD. No wonder deposits increased so much.

Buckeye: As a corollary to that, could that mean that the other suspect banks aren't as close to being in dire straits as we'd expect them to be?

Or are these other banks (here's lookin' at you, WM) doing something else to lessen their need to increase deposits...

I find it odd that the announcement might come out Monday. FDIC bank closure manual states Friday afternoons only. Especially when it is a bigger fish. Hope this isn't spun to the positive somehow.