Was the fox guarding the chickens??

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annarborgator
Posts: 8886
Joined: Sun Jun 17, 2007 5:48 pm

Was the fox guarding the chickens??

Post by annarborgator »

I think so...
IndyMac Bank’s U.S. regulator allowed the lender to backdate a capital infusion from its holding company to let the mortgage lender maintain “well-capitalized” status and escape regulatory sanctions, the Treasury Department’s watchdog arm said today.

The Office of Thrift Supervision permitted IndyMac Bank to record $18 million of a $50 million infusion received May 9 as first-quarter capital, Eric M. Thorson, the Treasury Department’s inspector general, wrote today in a letter to U.S. Senator Charles Grassley of Iowa, the top Republican on the Senate Finance Committee. IndyMac was closed by the OTS on July 11 after a run on deposits depleted its cash.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aF2cCzfmLwFA&refer=home

Business as motherfucking usual in the good 'old' (and, p.s., outdated) US of A.
I've never met a retarded person who wasn't smiling.
a1bion
Posts: 5763
Joined: Sun Jun 17, 2007 6:34 pm

Was the fox guarding the chickens??

Post by a1bion »

That same guy also helped shield Charles Keating's bank from investigators early in the S&L scandal. You think he would've lost his job the first time around.
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