FEDs Seize IndyMac, Angry Customers, BANK FAILURE - Pasadena

http://pimpinturtle.com The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history. Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset........ http://www.latimes.com/business/la-fi-indymac12-2008jul12,0,6071779.story?page=2 Cops to IndyMac customers: Remain calm or face arrest: Police ordered angry customers lined up outside an IndyMac Bank branch to remain calm or face arrest Tuesday as they tried to pull their money on the second day of the failed institution's federal takeover. At least three police squad cars showed up early Tuesday as tensions rose outside the San Fernando Valley branch of Pasadena-based IndyMac. http://www.dailynews.com/breakingnews/ci_9887404 IndyMac fallout hits other banks: The fallout of IndyMac Bank prompted investors to dump the stocks of many mortgage lenders, precipitating the steepest one-day decline in banking shares since 1989, a newspaper report said on Tuesday. Southern California fixtures Downey Financial Corp. and First Fed Financial Corp., were among the hardest hit, with their stock prices down 24 percent and 19 percent respectively, according to the Los Angeles Times. http://news.xinhuanet.com/english/2008-07/16/content_8553108.htm

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YouTube | July 16, 2008

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