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Police Threaten IndyMAC Customers With Arrest

Police Threaten IndyMAC Customers With Arrest

Daily News
July 15, 2008

http://youtube.com/watch?v=C4SwK8cdujc

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.

Federal regulators seized Pasadena-based IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC.

Worried customers with deposits in excess of insured limits flooded IndyMac Bank branches on Monday, demanding to withdraw as much money as they could or get answers about the fate of their funds.

When it was clear some wouldn’t get in before closing, FDIC employees apparently took down names and told them to return Tuesday.

Other customers began lining up at 1:30 a.m. Tuesday, and by dawn, tensions escalated because people on the list were getting priority.

By 8 a.m., about 50 people on the list waited in one line and many more waited in another.

Five people were allowed in at a time.

Customers became infuriated, and police told them they could be arrested if they didn’t remain calm.

Police stood by at some other branches around Southern California but there were no other reports of problems.

 

$1 Billion of uninsured deposits lost in IndyMAC collapse

http://youtube.com/watch?v=xN3F9EnaFpQ

Scared IndyMAC Customers Demand Their Cash
http://news.yahoo.com/s/ap/20080716/ap_..hV3SphAft82dzYRq61lv24cA

IndyMac depositors line up for cash after seizure
http://www.reuters.com/article/topNews/idUS..pNews&rpc=22&sp=true

FBI looking into fraud at IndyMac Bancorp
http://www.azcentral.com/news/artic..mortgage-investigation0716-ON.html

Merill Lynch Posts Loss Of $4.6 Billion
http://news.yahoo.com/s/afp/2..gVyF2eFsdB6zZUjUSc5tL2oOrgF

Bank Shares Plummet Amid Stability Fears
http://biz.yahoo.com/rb/080714/financial_shares.html?printer=1

Banks hit by fallout from the crisis at IndyMac
http://www.latimes.com/business/la-fi-indymac15-2008jul15,0,431088.story

List Of Troubled Banks Worries Wall Street
http://abcnews.go.com/Blotter/story?id=5374205

JP Morgan CEO: ’We’re very early in the loss curve’
http://www.housingwire.com/2008/07/..mon-prime-mortgages-look-terrible/

 


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