07-14-2008, 03:10 PM
quote:
Originally posted by LaurelJ
Indy Mac just failed, people lined up all day to try and get their money. (looked like a scene out of the Great Depression) FDIC officials there helping people fill out paperwork, basically telling them if they had more the 100K in deposits they are out of luck,
I wonder if these are the same depositors who were singing the praises of IndyMac because they were getting above average rates on their deposits all the while ignoring the extremely risky mortgage loans the bank was making in order to give depositors those high rates?
Wasn’t there mention awhile back on this forum about using them if other banks were saying no to a loan?