Hall of shame for IndyMac ex-CEO

What about the people like me…. I am paying my mortgage on time month after month. My rate will change come April of 2009, what am i going to do then …. paying my mortgage right now is a big struggle for me . i gave up my car, some time i dont even have food to feed my kids. all am asking for i y can’t thay help people like me who’s facing foreclosure .help me before it happends

Visit the Housing Bubble Hall of Shame (google or yahoo search). IndyMac/Mike Perry and many, many others have been inducted.

Indymac loss and litigation department advised me to stop making my payments and they would work with me. I am disabled, and my social security barely covered the house payment, but it did, Indymac never worked with me, never offered loan repayment, forced me into bankrupcy, loss of my business, an all american woman, paid taxes, 5 homes, 10 new cars, and now bankrupt and homeless due to indymac. Divorced also, and only 55! What do I do with the rest of my life with this Indymac insult. I am disgraced. I am nurse, advanced practice nurse, now disabled, lost my practice, my home. Just one of another american foreclosure. I notified John McCain since I live in AZ. He did not care or do anything. Do you think this is a good candidate for president? Arizona is certainly the most stupid state in the US. I am sorry, I lost it all here!

Thats rich of thee reporter. what was the guy supposed say? “our bank is in trouble, withdraw your funds”
ultimately this is what people did. Josh is correct with regards to leverage. Not only do banks lend out 10 time more than they have - its called fractional reserve banking-go read up.- but they also leverage their investments.

Like the dollar in general a bank is screwed once confidence in it evaporates. How safe do you think depositors will feel once FDICs $55m has been eaten by bank failures. You will then see a country wide panic out of banks unless govt bail it out and inject more money which means highers taxes and inflation for joe public.

Unfortunately the US financial system is now beyond repair. Anyone who is in denial about this is watching too much CNN and believes that the govt has your interests at heart. Wake up and smell the coffee.

I have a hard time believing Perry was completely honest. I think what makes me believe that he was not sincere was his defense as a lender not to be responsible for loan suitability. After Indymac was being run into the ground and round after round of employees were being laid off (and his salary slashed by 50%), he still had not learned the basic lesson of lending responsibly!!!

America needs less governance and more market self correction. We do not believe that government is the answer to our economic slowdown — the solution is again: SELF CORRECTION by the market. Foreigners time and time again have problems to understand why this country is so great —because people here understand how government can mess things up and walk away like nothing happened.

The entire US borrowing/lending scene is F%$^$’ed. Because you stupid Americans are against ANY governance, you will get taken again and again. In most other countries around the world this kind of nonsense is restricted and allows people to get on with their lives…

Most all of you are way out in left field. (And that is where some high political officials tried very hard - over the past few years to get you to go.)
The demise of all the banks affiliated with a certain two conglomerates for the past eighteen years, and especially since certain player’s put the final nails in the Glass Steagall Act’s coffin - separating banks from investment procedures, was/is unavoidable.

Yes, people, all of this was carefully planned and exacuted behind closed doors, with most of America’s money players getting extremely rich….off the backs of the poor….lured into thinking they could have a part of the American Dream…handled by honest loan officers.
It would be a wise thing for most of our futures if we could get our heads out of the sand, and away from all our toys - which many counted and made sure we went in debt for, to distract us, before too long. Because it will only get worst!

Ed -

I don’t think it was personally Mike Perrys fault that you got a bad deal. Why don’t you ask your loan officer who handled that deal for you to burn in hell? Time to grow some balls and don’t blame people that more than likely never saw your name or file that came through the office. It was your stupidy that got you in a mess.

Poor me………

Ed, it’s your loan officer that should burn in hell, not Mike Perry. He had nothing to do with your loan officer misleading you.

F.Y.I there would have been no way you would have lost your deposit if you would have not signed your loan documents…

You are not much smarter. She does not need spell check she needs grammar check.

You should be called less smarter than Maria because you are trying to correct her and made your self look bad.

Maria, spell check!

I was a former borrower that had Indy Mac. My loan was originated in January , 2007. I understand that banks need to make some money, we all do. However, Indy Mac DID screw me over at the closing table. They tacked on a ton of additional fees $1,500 that were not previously disclosed in the Good Faith estimate.
They used the ” last second change ” at the closing table to corner me into signing the loan on their terms or I would have lost my deposit on my house because the loan was still available to me. MY credit score went up even more and the terms got worse.
I was a full doc loan PROVING my income and assets. In 10 months I was able to refi out of that loan to save 7 percentage points on my rate. They tied a lot of loan to LIBOR as well, which made the problem worse.

I hope Perry burns in hell.

Stephanie- you must be ignorant or plain stupid! some banks do lend to non-United States residents, it’s called a vacation home and a person does not have to live in that country to have a home there. Ignorant people like you caused the bank runs because they have no clue or knowledge of what’s going on. Besides are you jealous that “illegals” can afford a house and cannot! HA!

I don’t understand why people cry about losing their houses because they CAN’T pay for it? Have you heard of “saving for the rainy days”? If you buy more than you can afford, you are not smart. Bank institutions are not responsible for you if you go under. They should not have approved your loan or give you a smaller amount. But if you don’t do your homework, that’s YOUR problem.

NO BANK IS SAFE!! They are even more vulnerable now that they have become greedy machines making money off of giving loans to people who really can not afford them. Ever since Bank Of America (Bank od Illegals) started making loans to illegals I removed my money fast. They may look big, but they have made some very unsound decisions that puts all of their depositors at risk. And now it’s starting to show up–this quarter their profits were down 41%.

Greg Ingino, I worked with you at IndyMac Bank, I would feel the same if I would have been FIRED from INDYMAC, But guess what YOU deserved it… So just get over it!!! Mike Perry had nothing to do with you getting fired. You didn’t know him personally to judge him. By the way Greg YOU got what you deserved. I’m still an employee of IndyMac Bank and Mike Perry was a great leader who created a great company that would still be here today if it was not for the information Senator Schumer leaked.

I worked with Indymac Bank in 2005-07, and while I never met CEO Mike Perry, I must say that a lot of the reports on Indymac and Mike Perry are plain wrong. Mike was not a crook, he was not a liar, and Indymac wasn’t a crooked firm. It’s sad that property prices fell sharply, that the mortgage industry went into recession, and that loan defaults rose - but please don’t blame Indymac or Mike for it. I feel Indymac management was among the smartest in the industry, our growth rates were terrific, our ROE/RONA was pretty good, our IT systems for loan origination/underwriting were excellent, and so on. This is why we came from nowhere to become the 6th largest mortgage bank in the country. Even when the mortgage industry troubles worsened in 2007, Indymac/Mike kept making positive statements because they hoped that these strengths would eventually help us ride out the storm and become even stronger. I am not familiar with the circumstances surrounding the collapse of Indymac, but I do feel that a lot of these reports are unfair. I love Indymac and am proud of my work there. If there hadn’t been a run on the bank and the mortgage industry had eventually recovered, the same journalists might have been praising Indymac and Mike’s visionary leadership.

My understanding is bank executives are not allowed to get big severance payments once the bank’s financial condition deteriorates. So, Perry will not be getting anything from the bank now that the FDIC is in control. I think bank executives can be sued by the government for bonuses, etc. if it can be shown the bank was actually in poor shape when they were paid.

Sheila Bair wants banks to take losses while delinquent borrowers keep the properties they probably did not deserve to posses in the first place. Ms. Bair should keep her socialist ideologies in her home. Being the head of FDIC, she should watch her mouth closely. When faceless government officials think they know what’s best for the society, and tell private business how to run it, the recession is not only economical, but political. Ms. FDIC and the like-minded in our Congress: The economy will have to correct its self after years of negligence and recklessness. Pleaseeee - Let the market decide who sustain what losses, and keep your mouth shut!. But if you are not a believer of free market, and if you believe that by government telling business what to do is the solution to the current melt-down of bad loans, perhaps we are doomed to a disaster, ultimately.

I worked at Indymac and I can tell you the place SUCKED to work for…..

They didn’t care one bit about the employees and upper management was arrogant and selfish…

This all came from the top!!! Mr. Perry, you are getting exactly what you deserve and more to come….

Can anyone say “Jail”

Mike in Tustin, yes the write downs banks make have to account for the residual value of the property itself. They are making these write downs based on different scearios for what thier actual loss may be. Look up “mark-to-market” for a better understanding. These write downs are regulated as well to prohibit banks from lowering tax liabilites by over reserving.

Question 2: In some cases individual bank officers and employees may be subject to what are called civil money penalties which are essentially fines that could be quite large. If hit with one of these, the individual must pay the fine themselves. The bank or company is prohibitted from paying it for them or reimbursing them.

Point #3: Individual repsonsibility is a dying concept.

I HAD A CD WITH INDYMAC. they offered very high interest rates on their CD’s. Only outdone by Fremont. there is a reason they could offer those high interest rates to investors — they were doing loans to people who couldn’t qualify for lower interest loans, and so they were getting alot of interest from those bad loans. you never get something for nothing.

FBI is investigating why Indymac made so many loans to people who were obvious that they could not afford — money gave away to people with undocumented income, illegal aliens, elders who could not comprehand “fine prints”. However, it was said that FBI investigation is not targeting the ex-executive who ran the funky business —EXCUSE ME? Oh — do we know that the ex-CEO actually has been a big donor to a major political party??? MONEY TALKS…and shields!

When a bank loan is going bad it first hits the delinquency bucket and after 90 days if it doesn’t get brought to at least within 90 days the bank starts forclosure proceedings. But all that takes a while and costs billable laywer hours. In the end the bank is left with the property but its typically been poorly kept, if not trashed by this time, and they still have to pays taxes, upkeep, and realitor fees to unload the house until it sells. The general rule is that a bank typically loses 10% of the house value on the deal. The problem now is that most these people got exotic mortgages and prices in some places plummeted (like say CA) so the whole deal is negative in equity. So the banks sitting on say a house now worth $150K with a $200K mortgage they wrote and it’s going to cost them another $10K-$15K to get rid of it. So to answer your question no its not without residual value but the bank is still taking a pretty big haircut on the deal.

Correction, please - half of the workforce were not fired- they were laid off. There’s a big difference between being fired and laid off. I think IMB as a whole tried its best to fight off the failing Real Estate Market. I suggest you correct your wordings. Employees who were laid off are good employees.

Where has personal responsibility gone?

Perhaps if those of you who lost, or are losing your homes have obtained a motgage you could afford, and lived within your means you would not be in this position.

Unfortunatley, it is all too common in todays society for folks to have this sense of entitlement, rather than accountability for your actions.

Your home is the single largest investment you will like have in this life. Perhaps it would have been a good idead to ask questions, and thoroughly review your loan documents as you signed them…

For those bad mouthing Mike Perry, Indymac Bank, etc… do your homework, and stop buying into the sensationalistic media reports.

There are approximately 90 lending institutions on the FDIC’s “watchlist”. Institutions that (like Indymac Bank) are going through hard times in the present mortgage and financial crisis. The FDIC doesn’t publish that list because THEY know that doing so could cause a run on those banks ultimately makeing their failure a self fulfilling prophecy…

in the 11 days folling Senator Schumer’s letter IMB lost 1.3 Billion in deposits. I challenge you to find many lending instituions that could survive a similar run in today’s market.

I’d applaud a full investigation of Senator Schumer. What did he have to gain by perpetuating IMB’s failure? Who’s hands were in his pockets?

It’s easy to jump in with the “mob mentality” as opposed to doing your own research, and looking at the situation objectively…

Best Wishes to all of you. Things are likely going to get worse before they get better, and weak minded individuals are always looking for a scape goat.

Schumer should be very proud of himself. He and the media/press that sensationalized this story have distroyed the lives of the borrowers, the depositors and all of the employees (and their families) of IMB. Can we ever thank Schumer and the media/press enough? Depositers monies are federally guaranteed to 100K (or 250K if IRA)per account and any one who had more then that amount is irresponsible, no bank can be blamed for that. As for the mortgage side, Mike Perry did not invent the Interest Only or Adjustable Rate Products, these were products that were created by and met federal guidelines. Mike Perry and IMB cannot be held resposible for all the people that lied and/or presented false documentation. Mike Perry and IMB cannot be blamed for the liars of the world, brokers making big commisions on loans sold to IMB hold some of that responsibility. As for Mike Perry the CEO, this is not a personality contest people. This is real life and so many passing judgment on Mike Perry without knowing him should be ashamed. This man worked hard, cares (notice present tense) about his employees and his company. Just research him and his chariable works in the communities where IMB offices are located. Research the facts. Although that may leave more questions then answers, like how IMB was not on the infamous watch list, yet goes down within weeks? Like the mysterious phone calls that depositers received advising that IMB was going down and to take all their funds out ASAP. I am proud to work for IMB and feel it was a privilege to have Mike Perry as a leader. There are some of us that are still loyal to Mike Perry and IMB, we realize and are grateful to still be employed by IMB.

Scott S.

To know that type of information you must have been a loan officer, underwriter or funder at IndyMac. I’m sure you were not complaining about the problem loans when you were making big money bonuses!

I’m sure you “worked” for IndyMac and don’t “work” there anymore because you must have been the one who made lots of bad loans too!

I believe this was a political move. Mike Perry must have pissed someone off and they called his bluff. He’s a very intelligent man and was probably sticking up for himself and his rights. Anytime a “Senator” gets involved you have to read between the lines….

I worked for IndyMac Bank and let me tell you they made lots of bad loans.-

Can someone in the know clarify a burning question of mine?

When a bank loss is reported, does it take into account of residual values of the defaulted or soon-to-be-defaulted properties?

After all, a physical structure has to be worth of something.

I am always suspicious that the bank loss is much more than the ‘real’ value.

Other things -

1. Is the government going after those bank officers who made this mess?

2. If a borrower is in deep water while knowing he/she does not have the financial ability to weather the unexpected, then he/she made a very bad decision of getting into the mess. The only one to blame is himself/herself, but not anyone else. Period.

The thing that pisses me off most is that most of you make opinions and assumptions based on what the media provides. Schumer didnt have to leak that letter to the WSJ, most people are sheep and what happened to the bank is proof of it. As an employee of IMB Mike was always in constant communication with his employees and while yes stubborn and sometimes arrogant, its also that same will that let him build up the company from nothing. Im sorry for all you people out there who had a gun put to your head and said sign here, even though you dont read your mortgage documents, you know you cant afford the house, and had no forethought to think hey the value of my house might go down and when it does, I am up craps creek without a paddle. Dont sit here and blame Mike for this, blame the regulators who turned their backs to the market situation, the silly home purchasers who cant read loan documents or be responsible, or the sheep who dont understand that if you have under 100K or up to 250K in retirement, you are fine. Please stop running with miseducation and misunderstanding because it makes you look silly.

I believe that everyone is to blame. Where were you guys when you were making money of this economic boom? Oh yeah to busy patting yourselves in the back. There is no one person to blame.

We got ourselves into this mess, it is time to get ourselves out of it!

Instead of blaming institutions for this housing failure…people should consider blaming the government. All loan programs and guidelines are ran through the government regulators first, if they are approved by goverment the lender then uses those programs if not then they don’t.

If you didn’t or don’t work for IndyMacBank you should not say anything because you don’t know what goes one behind closed doors of IndyMacBank. Mike Perry ex-CEO was a very generous and honest man! if he was to ever open up another entity I would not think twice about working with him again. The only reason IndyMac went down was because of the idiot Senator who opened his mouth!

Cathy I have no pitty for you, you should have bought a house that you can afford. If banks could lower every loan and payment then every single American would have more than one house!

@Gary Edstrom
That’s horrible that they took your home. I think they need to pass legislation against small print in loan contracts used to hide clauses requiring “repayment” and “interest,” instead making the loans appear to be gifts for keeping your credit rating in the 60-90 range. This deception needs to stop, and we need more banks that don’t punish the little guy, with fees and repayment requirements. Fight the man, Gary, fight the man.

To Josh at 10:51 - Your statement is incorrect. A bank run will not occur on a bank that is fiscally sound. The managers of the bank would seek more capital via large deposits, a sale of stock, a merger, or a bond sale. IndyMac could not get more capital because it had one main business — selling risky mortgages in a housing market with declining values. Rather than admitting its losses, IndyMac lied about it. This is bank fraud plain and simple. Mike Perry should be indicted. As a CEO of a public company he has a duty to manage the company and accurately report its earnings. Don’t blame Sen. Schumer — Indy Mac was trading at over $40 at the start of 2007. By Jan 2008, the stock was under $10.

“Indymac’s took my house in Minneapolis Minnesota… Can anyone out there find help for the little people…”

A financial institution won’t “take” your home unless you don’t make the loan payments. What makes the financial institution responsible for the fact that you can’t make your payments? This is such a mystery to me.??? Why should a financial institution reach into its own pockets to cover you? I just don’t get it? God helps those who help themselves, right?

Opps, I forgot to enter the link for the NY Post article.

http://www.nypost.com/seven/07132008/business/indymacs_defiance_119736.htm

Read this article from the New York Post. WOW! Very interesting and I wonder why this subject hasn’t been brought up (or discovered) until now.

If this is true, then it makes Mike Perry more guilty of being a completely morally bankrupt person who in fact DOES NOT care about employees, borrowers, etc…and only cares about his ego and doing what ever it takes to carry out to fruition all of his self-serving, egomaniacal, greedy and blatantly horrible business plans (or should I say lack there of business plan).

Throw in a little bit (ok, a LOT bit) of bi-polar disorder, not taking his medication properly, denial, mood swings (that make Charlie Manson look like a sane person) and senior managers (other wise know as FOM’s…friends of Mike) mix thoroughly and you’ve got INDYMAC.

Although I am not sure what happened with IMB, I know a little bit about Mike. I was his Exec. Assist from 1997 - 1999. And then worked for his office as director of corp events for another couple of years. He was fair and honest — a bit tough at times, but I don’t see him being a crook. Running a huge corp cannot be easy. I loved working for him and the bank and only left because of my husbands job transfer out of state. Even though I have lost money with my IMB shares, I am still willing to let the dust settle before I judge him or anyone that worked there for that matter. I can only hope the best for the shareholders, consumers, the execs and their families.

“God I wish I were a CEO, living in million dollar home and waiting for my platinum parachute.”

Yeah? Well, while you were sitting at home, eating Doritos, watching CNN, and day-dreaming about being a CEO, in between your graduate school classes in public administration, Mike Perry built a multi-billion dollar business, put hundreds of thousands of families into homes and created employment for 10,000 people. Can you come up with any similar accomplishments to recommend yourself? I didn’t think so.

Countrywide, IndyMac, and possibly Fannie Mae. At one time, all were well established institutions here in Pasadena, CA, housed in the shadow of commercial & residential over building. As an office professional, I have worked at all three institutions and wish the best for all former IndyMac employees and hope that Fannie Mae does not suffer the same fate.

It is the governments fault in addition to stupid people that Counrtywide and IndymacBank failed. I hope people have learned that they should only buy homes that they can afford. Also, it was the Gov. who made it possible for lenders to offer creative and risky programs to stupid people that baught homes that would take 90% of their monthly income?

I worked for Mike Perry when he ran Commerce Security Bank. He then left (when Commerce was having problems) and then pulled half the management with him to Pasadena. It was sad, as the company stayed afloat for about a year after he left. He sees trouble, he jumps ship. No doubt in my mind he saw this coming a long time ago, and probably got his finances in order to ride through this…….. He is (or was) a nice guy when he was younger and a pee on in Sacramento.

What was Perry’s golden parachute - I would be interested to know. This guy should go to jail.

Indymac’s took my house in Minneapolis Minnesota. I hope someone take there bank. Why does our goverment help out the big guy and let us little people go with out. I do belive that our goverment needs a big change. Can anyone out there find help for the little people.

It’s amazing how you can imitate someone by using their name and mis-representing them on blogs by saying negative things about Indymac and their CEO. It just goes to show that you should not believe that any of the names listed on these posts are actual comments by the person they are trying to represent.

Wow, Mike Perry has a hell of a PR team. He should be selling his sh*t for millions by the way you listen to his cronies/minions talk about him. I guess when you run a multi-billion dollar company to the ground you should be declared a hero and the government a villain. God I wish I were a CEO, living in million dollar home and waiting for my platinum parachute.

Nancy, maybe you should have bought a house you could afford. It’s not the fault of the bank, but yours alone. Take some accountability for your actions. Sandy, what are you talking about. Do your homework. Mr. Perry took his stock options and turned them back into the company. He tried to save the bank. If you want to blame someone, look no further than the federal government and Sen. Schumer. Also, where is Greenspan, he pushed for the Alt-A Loans and lowered the sub-prime. IMB did nothing any different than every other bank in this country did and if any of you think differently than you are all naive.

WORSTEST BAMK IN MY 30 Years of Banking experience. They needed to be shoved up where the sun doees,’t shine. Everything paid in compensation to the CEO and his cohorts shoud be confiscated! It is the way they did business that place us in this mess.

“… I lost my home because IndyMac would not respond to presenting me any options in lowering my mortgage payments.”

Puuuullllleeeeese!!!!!! YOU lost your home because YOU made an irresponsible investment or because YOU took a gamble that didn’t pay off. Buying and selling real estate is like any other investment, you can win or you can lose. YOU are a loser.

“I have no pity for your financial institution. What goes around comes around.”

I have no pity for YOU. YOU really think it’s the responsibility of the financial institution to save YOU when YOU can’t make your payments, to cut YOU a deal and accept a short short sale and not impair your credit when the value of your home plummets and YOU can’t cover the amount of the loan YOU borrowed?! Wake up! YOU senseless free-loader! When you signed the note did you read anything about not having to pay if your property value went down? Huh??? Pure stupidity! YOU have got to be a Democrat!

Any bank except the fed will fail if you start a run on it like the one on Indymac because all banks are leveraged.

IndyMac represents the lowest of lows in providing a service that is ethical to its customers. I lost my home because IndyMac would not respond to presenting me any options in lowering my mortgage payments. I have been waiting since Feb., 2008 for their approval of a short sale that was $11,000 over my asking price. IndyMac did not make one move to process the buyer’s offer.
Six months later IndyMac is non responsive in the sale of my home. Go away IndyMac. I have no pity for your financial institution. What goes around comes around.

I can’t believe what people are saying about Mike Perry. I don’t know very many CFO’s that care about the employees and customers as much as he does. You don’t know what this did to Mike to have to first lay off all those employees and then to be seized… Research your subjects better before you pass judgement!

I wish Mike and IMB shareholders could sue Schumer for causing the unwarranted panic. Albeit sometimes arrogant, Mike is a strong and brilliant businessman and always an advocate for shareholder value. While Indymac would have had a very challenging time ahead of it as a result of the industry’s condition and the magnitude of its own losses, what was described as the go-forward plan to significantly reduce expenses and divest of risky businesses is an example of the company’s strategy to manage through the volatile climate and inevitably, I believe that IMB would’ve survived and Mike would have rebuilt the organization with its focus on successful operations.

“So much hate… Can you even imagine how difficult this was/is for Mike Perry? He is a brilliant and extremely foreward thinking man. If you weren’t there from the beginning and if you don’t know him, then those of us who did and do know him wish you would just shut up; you bunch of whiners!”

Cathy, you’re in denial ! They lie…They ALL Lie !

And, I’m not so sure about YOU !

It is the entire real estate market that is responsible for this from the appraisers to the inspectors and the banks. it was free for all ripping people off, and now oops we messed up. the lack of responsibility in business and the lack of regulation in real estate is the problem. the mortgage companies charge you up the wazoo for a loan and now its payback for them. it swings both ways.

Did Schuner(D)NY receive any political donations from Perry and/or Indy-Mac? Why
would a New Yok politician have such a caring interest from a California based bank?

So much hate… Can you even imagine how difficult this was/is for Mike Perry? He is a brilliant and extremely foreward thinking man. If you weren’t there from the beginning and if you don’t know him, then those of us who did and do know him wish you would just shut up; you bunch of whiners!

For all the hassle and excessive review they gave us Appraisers, and placing some of my peers on a “blacklist” for the smallest error”

I am happy they are gone!
They created there own mess.

But, the frightening thing about IndyMac is that
IT WASN’T EVEN ON THE OTS WATCH LIST ! ! !

Why the Hell are we paying these monkeys !

I want MY money back !

My question is, now that the FDIC is taking over. What will be this guys severance pay ? You gotta pay him a gazillion Bucks or it will just not do.

Ron Veelik, Altadena, CA just up the street

I think Schumer’s letter was an intentional “Political Hit” against a well-known Republican businessman. This letter never would have happened if the execs at IndyMac were supporters of the DNC.

So, what happens now, in this crisis? Anybody know if the VP of Crisis Management is working on this debacle?

Has anyone dug a little deeper to see what campaign finances Chuck Schumer and the rest of the Senate Banking Finance Committe have received for whacking CountryWide and now IMB? They have created fire-sales by manipulating the public.

yes all ceo should accounted able to every one even if it goes under charges should brought agianst the ceo and the cfo after they had the reins and knew that thier lending was wrong loaning money to those who could pay their loan is wrong now us taxpayers have to pay the price

“it’s hard to match Perry for sheer shamelessness”

Oh no, not so hard. Have we so quickly forgotten the orange one, Angelo Mozillo?? Just look back at his insistence that Countrywide was doing just fine - while he was selling off his stock.

SEC should investigate; When enough liquidity is pulled from any company it’s going to go under. Senator Schumer helped pull the rug out from under the company. There’s a lot of vultures out there smiling on the sidelines. Our thoughts are with the customers and employees of the company.

Doesnt Nick Peterson work that company?

the bank management took the sub-prim risk but lending to people with spotty credit history in such a big scale was probably dangerous, one doesn’t have to be a CPA or CFA to understand this — what went up, must come down, you can’t escape the law of physics. No messager should be killed in this failure of management.

Now that IndyMac is the first of many banks to fail, I think we’re going to see a lot more banks, not only close for the weekend, but close for good and go bankrupt. Rumors talk about 90+ banks, I think that’s a little exaggerated, but very well possible. I would guesstimate around 30+ banks will close shop.

I’m an investor in the stock market and have started to build a position in Bank of America. One of the few 500 lb. gorillas left in the room. Every dip, I pick up more shares. I don’t think there going anywhere, but you never know. Investments are all risky.

I never thought I would see this happen here in the USA, but here we are….let’s all cross our fingers.

petes2cents.com

I bet Mr Perry can now go home to his nice big house and move on to something
else while the rest struggle to survive..

Any chance that Mr. Perry thought he was correct at the time of his statements? Besides, he needed to assure investors, creditors, and depositors of the bank’s stability or else it WOULD cause the bank to fail. I’m not sure I blame him until we know more about what happened. Don’t be so quick to pounce on someone who may actually have been attempting to keep the company afloat.

Hey Colin - Your an idiot.! You and Schumer belong in the same boat. The OTS stated they have 90 banks on the bubble and IMB was not one of them. Oh, what a surprise. This was a clear cut case of the Federal Govt. seizing the opportunity to shutdown an independent bank, as to gain more control of the publics money. Before you open your big mouth, do a little more research and don’t take issues at face value. The govt created this mess and not IMB. By the way, Michael Perry CEO, cared about his employees, customers and company. He proved this with his actions unlike our President, Senators, Congressman and you.

Mike Perry should be the next chairman of the Federal Reserve.

Couldn’t happen to a more arrogant and self-centered wanna-be leader….

Eventually the excess pride of this morans caugt up with them…..