There was a lot of standing around going on today outside the local IndyMac Bank branch.
It looked like there were a few official answerers going around with clipboards and information sheets about the change from "IndyMac Bank" to "IndyMac Federal Bank", but nobody there from the bank, or the FDIC, or whoever was in charge, had the good sense to tear down those ridiculous posters boasting that it was the "#1 Savings & Loan in Los Angeles."
And while I applaud them for putting a link to the FDIC on their home page, they should probably bury that tagline, "Raise your expectations.®", what with the fact that roughly a billion dollars in deposits (out of $19 billion total) there were uninsured.
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
Posted by: Petes2cents | July 15, 2008 at 14:08