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IndyMac will cover 50% of uninsured deposits as IndyMac Federal Bank.
The government is stepping in to support IndyMac. Having just changed its name from IndyMac Bancorp after it was seized Friday. The FDIC has assumed control saying it will cover 50% of uninsured deposits and fully insure all up to $100,000, which is normal.
John Bovenzi, the FDIC COO says there’s probably no bank in the country that has access to greater capital and liquidity than Indymac Federal Bank. He also states the FDIC expects to sell it in the next 90 days.
Because Charles Schumer has loose lips, IndyMac Bancorp became the second biggest federally insured financial company to be taken over by regulators.

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Two days after the Federal Deposit Insurance Company took over California based IndyMac Bancorp Inc, officials say the bank will reopen Monday morning (Today) for business as usual.

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One company in the news is IndyMac.
It heated up again yesterday, they are blaming comments from Senator Charles Schumer for big withdrawals and now the Senator is firing back saying they were on the rocks anyway.
Everyone questions that statement by Schumer, this is a big bank, $18 billion deposits.
What is the FDIC doing about this?
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The Federal Reserve is currently reviewing regulations that impose limits on how much investment firms can invest in banks, looking to see if they can make it easier for banks to raise capital.
Is this necessary? Rules were put in place to avoid large Industrial Loan Corporations from controlling banks and the availability of credit. Why would a private equity firms be different?

The concern we have with the Industrial Loan Companies is that commercial firms can go in and gain control of banks. What private equity firms are interested in is not a controlled investment, but they are more interest in trying to get a good return for their money by picking up shares of banks.
Do banks need these changes? Are they finding it hard to raise capital?
As the chairman of the FDIC testified a few days ago, almost 99 percent of banks are well capitalized in the […]

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The European Central Bank’s president is playing down prospects of further interest rate increases. They raised their benchmark lending rate to 4.25%.
“The monetary policies stance after today’s decision, contributes to achieving our objective of price stability. We are never pre committed. It is a constant feature of our monetary policy. We do what is necessary to deliver price stability in the medium term and be credible and that delivery. Thursday’s 0.25% increase will help bring inflation back below 2%. We saw the little bit of a rebound, but that was chili weakness for the zero after this decision”.
With the US off for the July 4 holiday, he really is damping down prospects of further interest  rate increases. Traders took that as a bad sign, by selling the Euro down to a one week low against the dollar.
Nobody much likes the pound because of the UK subprime crisis. The pound has […]

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Program revitalizes distressed neighborhoods by providing loans and developing affordable housing

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Tampa electric and progress energy claim disconnects for non-payment of bills are on the increase.

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A LOOMING ACTORS STRIKE HAS PEOPLE HERE IN NEW MEXICO KEEPING A CLOSE EYE ON EVENTS IN L.A. MILLIONS OF DOLLARS FOR OUR STATES ECONOMY COULD BE EFFECTED IF ACTORS WALK OUT ON MONDAY. CRIS ORNELAS SPOKE TO STATE OFFICIALS ABOUT THE IMPACT… CRIS SHOWS LIKE IN PLAIN SIGHT THAT ARE SHOT HERE IN THE STATE … WILL HAVE TO STOP PRODUCTION IF MEMBERS OF THE SCREEN ACTORS GUILD GO ON STRIKE. RIGHT NOW EVERYONE IS HOLDING THEIR BREATH AND HOPING THAT doesn’t HAPPEN. JUST LIKE THE OTHER RECENT LABOR DISPUTES IN HOLLYWOOD … THIS ONE IS ABOUT HOW TO SHARE PROFITS FROM WEB BASED ENTERTAINMENT. EVERYONE WANTS THEIR SHARE OF THE CASH AND SCREEN ACTOR GUILD MEMBERS ARE WILLING TO STRIKE TO GET THEIRS. 5:00 ‘it doesn’t just effect production companies and the writers and […]

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