I had read in the LA Times about the massive layoffs from the bank not too long ago. Speculation had been rife for awhile this "bank" would go under. Sorry to see the confirmation. No shortage of burger flippers and oil fryers in the market place these days. I would personally like to thank Phil Gramm, once again, for his role in deregulating the banking industry and helping to create our current marketplace of credit chaos. McCain must be gratified to have such a shrewd charlatan on hand to help guide his economic policy decisions for us voters to see first hand.

http://www.fdic.gov/bank/in...

Failed Bank Information

Information for IndyMac Bank, F.S.B., Pasadena, CA
 

Gramm's hands are all over this housing & credit bust!

The federal government said it took control of troubled IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history.

 

http://www.latimes.com/busi...

THE MOST IMPORTANT POINT OF THIS POST IS THERE were several thousand depositors who were over the limit on their FDIC insurance. They will lose most, if not all, of this over deposit amount.

Bubble -- What about Cates?

Tip of the Iceburg?

($5.4 mil lien -- remember Crisps was only like $200K)

LMAO

I was SHOCKED to see that in the newspaper (Cates). I hope they follow up and get the full story. When you owe $5.4 million that is some serious stuff.

http://globaleconomicanalys...

I hope you can laugh tomorrow. 

Bubble -- I think in comparison to C&C Mr. Cates and wifey may make them look like pikers.........

Then what caused them to owe that much?

I looked up the other company listed in the story and it was a Nevada Corporation. Not sure why they needed that. Also, the State of California has an agreement with the IRS and they will forward information to them. If so, the amount could balloon by quite a bit more.

Several LLC's involved I believe. Partnerships too probably. Conduits to personal accounts? Musta funneled $$ to  "reitrement" accounts!

But it was just an  "IRS Error" according to him in article.....

A massively  "leveraged" builder?

Compared to mere  "agents/brokers" you're damn right it could  "balloon"!

BAHAHHAHAHA

Yeah, I was laughing real hard when I read that. That is an awfully big error.

BTW - Indymac was NOT a subprime lender. They did mostly good credits. The weak hands have folded, now the strong hands are crumbling...

Obamessiah will solve it!

Chico - Do you have some details on this???

I am waiting for the newspaper to follow up, I know there are others in this same situation...

No one can solve this.

If (when) Fannie Mae and Freddie Mac fail, then the dominos will start to fall.

Can't the Cates file bankruptcy like Robert Russo did, so they can avoid the creditors?

OB - You cant get rid of the IRS in BK.

Or in any place in the world, if they want you....

Bloomberg.com is reporting that "The Pasadena, California-based lender specialized in so- called Alt-A mortgages, which didn't require borrowers to provide documentation on their incomes. IndyMac's home state, where Countrywide Financial Corp. was also located before it was bought last week, has been among the hardest hit by foreclosures"

and that...

"IndyMac came under fire last month from U.S. Senator Charles Schumer, who said lax lending standards and deposits purchased from third parties left it on the brink of failure. In the 11 business days after Schumer explained his concerns in a June 26 letter, depositors withdrew more than $1.3 billion, the OTS said."

Bloomberg link

Remember though it's just a "mental recession".

Obamessiah will solve it!

Probably not, but at least he won't have Phil Gramm in his administration making it worse.

Gramm is on the board of  UBS and has been told by Swiss regulators that they are going to require UBS to increase cash reserves to cover their loans. UBS doesn't have the cash and will be the first major international bank to go under if they can't find a white knight.

 McCain wants Gramm to lead his economic team. God help us all if he's elected.

" Remember though it's just a "mental recession"

"McCain wants Gramm to lead his economic team. God help us all if he's elected."

I would love to smack Phill Gramm in the head and wake him up. All of these right wing CONservatives are destroying this country

OB - He (Cates-Lennox Homes) may well end up doing just that (bk) from what I hear!

Like bubble alluded to, starting at $5.4 mil right out of the box, being a leveraged builder with various large subdivisions, he could end up making C&C's millions in loans owed look like a mere pittance........ He also could well be hiding assets as we type. I'm telling you, this one could be a really BIG one!

Did you know his wife was married to a BPD officer? She's the one on TV with the German Shepherds BTW.

He's a piece of.............. work...... (don't wanna get kicked off here)

Here is the

about today's shutdown. The size of this failure is second only to an Illinois bank collapse valued at $40 billion in 1984.

With Freddie Mac and Fanny Mae on the ropes this could be a long weekend.

It's just that Gramm's brain is receding.  Often when that happens the victim doesn't know it. 

ALICEN -- do you believe we are technically in a recession?

Do you believe in mass psychology (hysteria)?

The Senator was right. He just shouldn't a said it...................

(Bubble do some look ups on Cate's Cos. LLC's and Partnerships too. Follow the money. Don't you want to see what I'm telling you you will see?

Its bigger than C&C. I told some about that one too. Ground floor. The press are like birds on a wire. Happy to cover every square inch on one........ until one flies over to another....... soon they are all there...... just giving you some hints for your blog......... (the other one)

The Senator was right

Tell that to the 346,000 people who applied for unemployment benefits last week. And because Friday was a holiday, it would have been higher.

The number of Americans collecting unemployment benefits climbed to the highest level since December 2003, reflecting a deteriorating job market.

The number of Americans in the work force is lower now than in 2007.

Phil Gramm has been out of Congress since 2002.  It is a plain and simple untruth to try to connect him to this. If one searches, I'll bet they will find that Indymac did not contribute enough if anything to Christopher Dodd's (D-Conn.) campaign like Bank of America did. As for who to blame, this same link provides a clue:

"Bank of America's superior treatment of Dodd might not be personal—the bank just didn't need friends in Washington as badly before the mortgage meltdown, which coincided with the Democratic takeover."

Gramm is wrong, and has been for a long time. He is the worst type of political operative who is always out for Phil's interests before any others. He's just another out-of-touch-with-reality-geezer that has more money than sense. Enron financed him for years and he helped his pals out with no oversight on the biggest corporate fraud scheme in history. If Phil Gramm thinks things are looking good for the economy you know we're in trouble. UBS has lost a great deal of prestige with Gramm at the helm. I think he's gone from UBS before the end of the summer.

Phil Gramm has been out of Congress since 2002.  It is a plain and simple untruth to try to connect him to this.

Gramm was behind the deregulation legislation that brought this about, genius.

http://www.gather.com/viewA...

http://www.politico.com/new...

The Enron mess was Gramm's doing as well.

the mortgage meltdown, which coincided with the Democratic takeover

The housing bubble started long before the Democrats takeover. Anyone who read a newspaper in the last 4 years knows that.

Enron financed him for years and he helped his pals out with no oversight on the biggest corporate fraud scheme in history

Don't forget Mrs. Gramm's direct involvement in the Enron scandal.

http://query.nytimes.com/gs...

OK TSM --  "All you people applying for unemployment, a recession is defined as two successive quarters of negative GDP growth"

Good enough for you old timey Lib?

How's the number of Americans in the work force stack up against the number when Clinton left office?

Or are you going to posit like Tom and Adam did that the DOW is lower now than when Clinton left office?

You are led around the nose by the LSM................ You will vote Obama, he will get elected (due to massive numbers of illegals, felons, young pinheads (the only differentiation with yourself being age BTW) and then we will be talking about Carteresque interest rates, unemployment rates, etc............ I'd give it about 2 years........

You are quick to call everyone who disagrees with you a liar.

I won't call you that. Just massively maladjusted and misinformed. I wish you could have shared in the prosperity afforded those with some brains, but alas you may purchase software (with adherence to party line talking points), but without the hardware.............. pffffft!

The day after Gramm's statement, McCain gave a speech in a town that was hard hit by layoffs and his economic plan was met with hostility. No one was buying it.

McCain is suffering from a thousand self-inflicted cuts and his campaign staff are holding the knives.

But according to McCain, the laid off workers can make a living selling their belongings on eBay.

DRil, although the article you provided sheds some good light on Dodd's lips at the trough of banking lobby money let us not forget who co-authored the bill in question. Senator Shelby from Alabama gets a free pass from the Evans-Novak Political Report, which could hardly be construed as a surprise.

But the master-of-disaster for taking the full service lobby money and then getting his own private gig in banking as a thoughtful thank you for all he did by swindling the American taxpayer was, and still is, Phil Gramm.

Yeah,right TSM. Care to address Dodd's involvement?  Or is it just sooo plain that a man that has been retired for 6 years is to blame for Indymac's problems?  Are you prepping yourselves to blame any and all Republicans for all the problems to come along if "Chopped Nuts" gets the presidency and the Dems rule Congress?  It won't fly any further than when a spoiled child blaims everyone else for his messes.  But by resorting to ad hominem, you really warned me about the superior intellect I'm up against.

Well all I know is "we" will be hurting~ no matter who gets in office. 

a man that has been retired for 6 years is to blame for Indymac's problems

You think it's limited to Indymac? They're not the first failure, in case you haven't been paying attention. The problems started with Gramm's dereguation legislation. Enron was the tip of the iceburg.

And which party was in power in both houses of Congress during the last decade when the deregulation legislation was passed in Congress?

But by resorting to ad hominem, you really warned me about the superior intellect I'm up against.

if "Chopped Nuts" gets the presidency

If nothing else, you take the irony prize.

Employment Surveys Point to a recession that's already begun

http://findarticles.com/p/a...

If nothing else TSM takes the anti-irony (meaning painfully prosaic under the guise of intellectual discourse but being painfully obvious to the most pedestrian observer) prize.

Good job TSM. You have done yourself proud.

 (once again)

TSM is (was) a teacher.

Wow! A noble profession infiltrated by a bitter, worn down to a simplistic nub, che socialist-revolutionist.

No wonder our kids are messed up.

Madre de dios, cabesa de nudillos...........................

TSM is (was) a teacher.

I thought you said you don't post about things you know nothing about. I've never been a teacher.

Another lie from a prolific liar.

Dance for me, little monkey, dance.

BTW, you do realize you come across as a punk with a thesaurus and an inferiority complex, right?

"The problems started with Gramm's dereguation legislation. Enron was the tip of the iceburg."

"The Enron scandal was a financial scandal involving Enron Corporation (NYSE ticker symbol: ENE) and its accounting firm Arthur Andersen, that was revealed in late 2001. After a series of revelations involving irregular accounting procedures bordering on fraud, perpetrated throughout the 1990s"

Gramm's legislation was passed in 1999, I believe, and the above quote from here, says that the fraud was committed "throughout the 1990's".  Explain to me again how Phil Gramm gave us the Enron scandal? 

You know, TSM, without truth there is no credibility. And you are in freefall on both,tonight.

Oh, and perhaps you can explain how Lay, Skilling, and the rest got convicted of crimes if Phil Gramm was supposed to have passed legislation to allow their dastardly deeds.

 In an apparent response to a 1992 plea from Enron, Dr. Wendy Gramm, then chair of the federal Commodity Futures Trading Commission, moved to exempt the company's energy-swap operation from government oversight. By then, the Houston-based Enron was a major contributor to Senator Gramm's campaign. A few days after she got the ball rolling on the exemption, Wendy Gramm resigned from the commission. Enron soon appointed her to its board of directors, where she served on the audit committee, which oversees the inner financial workings of the corporation.

Facts are such pesky things, aren't they?

Well all I know is "we" will be hurting~ no matter who gets in office.

I won't be. My life won't change one way or the other.

From the LA Times article,

"IndyMac, which once employed 10,000, fell prey to a classic run on the bank, and regulators singled out Sen. Charles E. Schumer (D-N.Y.) as having helped to fuel massive withdrawals. On June 26, Schumer said in letters to the FDIC, the OTS and two other federal agencies that IndyMac might have "serious problems" with its loan holdings."
 

Is TSM going to call Sen. Schumer (D-NY) a genius too?

Funny thing, the Times article made no mention of Phil Gramm's involvement.  That wouldn't be due to a desire to report responsibly, would it?

Mark Sanford Draws A Blank On McCain/Bush Economics

The most painful clip from the Sunday morning shows: top McCain VP prospect Mark Sanford "drawing a blank" (in his own words) on live TV when asked to name a major economic policy that President Bush and John McCain disagree on.

The transcript:

BLITZER: Are there any significant economic differences between what the Bush administration has put forward over these many years as opposed to now what John McCain supports?

SANFORD: Um, yeah. For instance, take, you know, take, for instance, the issue of -- I'm drawing a blank, and I hate it when I do that, particularly on television. Take, for instance the contrast on NAFTA. I mean, I think that the bigger issue is credibility in where one is coming from, are they consistent where they come from

 

http://www.huffingtonpost.c...