If you had money in IndyMac, a Pasadena, CA-based bank that collapsed over the weekend, there's good news and bad news. Bad news is: it's gone, baby, gone. Good news: Your tax dollars, in the form of $4 to $8 billion, will take care of that little problem.
IndyMac's doom had been long in coming: the stock price was tanking, lately seen below the $1 mark, and investors were yanking more than a hundred million a day from the company, which had gotten carried away with the handing out of mortgages during the housing boom. But it was the work of one man, with one stroke of his pen, that ended up finishing the company off... and costing all some pretty pennies...
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