Everything You Need to Know About the IndyMac-FDIC Takeover

by Alex Stenback on July 16, 2008

Just utter brilliance from Tanta at Calculated Risk on the FDIC takeover of Indymac Bank and the ensuing shenanigans (police calls, fisticuffs, etc.) reported by the LA Times:

Mr. Bash is quite upset that the price of nearly doubling his deposit insurance coverage at no monetary cost to him is several days worth of red tape. Defeating the purpose of deposit insurance limits should, we all know, be smooth and flawless. For heaven’s sake, this is 2008. Can’t someone just type in some numbers and hit the "enter" key? It’s one thing to read in the WSJ that your bank’s lending activities may be jeopardizing its safety and soundness–to the point of Congress asking some nasty questions about it in public–and to remain calm enough to believe that the teller can fix your problem by adding your mother’s name to an account. It is another thing entirely to get cruddy customer service from the damned FDIC.

And if that is not the funniest thing you’ve read this week, you probably have more of a life than we do, (or aren’t enough of a sociopath.)
Moral Hazard Meets Hazardous Manners [CR]

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