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Business as motherfucking usual in the good 'old' (and, p.s., outdated) US of A.
