IndyMac bank fraud investigation in the USA

This video from the USA is called IndyMac woes continue.

By Rafael Azul:

Failed IndyMac Bank under investigation for lending fraud

18 July 2008

IndyMac, a banking chain based in Pasadena, California with branch offices throughout the Los Angeles metropolitan area, is among 21 lending institutions being investigated for lending and accounting fraud by the Federal Bureau of Investigation (FBI).

On July 11, IndyMac, with assets of $32 billon [sic; billion], was shut down by the Office of Thrift Supervision and its assets were seized by the Federal Deposit Insurance Corporation. The FDIC move only partially protects depositors at the institution’s 33 branches. According to one estimate, $500 million in depositors’ money stands to be lost as a result of the bank failure—the third largest in US history.

Left in the cold are thousands of past and current employees, many of whom were laid off in the weeks before the bank failure. The wages and commissions of many of the remaining employees are uncertain.

1 thought on “IndyMac bank fraud investigation in the USA

  1. Pingback: US columnist Thomas Friedman, warmonger and hypocrite | Dear Kitty. Some blog

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