PRTODAY / NewswireToday press release distribution service network
Written by / Agency / Source: Agnes Huff Communications Group, LLC
Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

As Depositors Cry Foul FDIC Completes IndyMac Sale to OneWest - Indymac depositors furious about sale of bank assets without paying off money owed to uninsured depositors
As Depositors Cry Foul FDIC Completes IndyMac Sale to OneWest


NewswireToday - /newswire/ - Los Angeles, CA, United States, 2009/03/20 - Indymac depositors furious about sale of bank assets without paying off money owed to uninsured depositors.

Your Banner Ad Here instead - Showing along with ALL Articles covering Financial / Legal / Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


As the FDIC announces the completed sale of IndyMac bank to OneWest Bank, IndyMac’s issues are far from over, said Fran Quittel and Lisa Marshall, group leaders for IndyMac depositors who lost 50% of their funds over $100,000 when the FDIC took over the bank on July 11, 2008 at the behest of the OTS. “It is particularly troublesome since these agencies are documented to have known at least since May 10, 2008 forward that the bank had been allowed by Darrell Dochow, the OTS west region regulator to backdate an $18 million capital infusion and keep IndyMac off the bank watch list, say depositors noting the FDIC took no action to stop the bank from aggressively collecting further deposits, or protect investor cash as it pre-determined removing 50% of their deposits over insured limits on the takeover date. “This legalized larceny is just unbelievable,” group leaders say.

At the same time the FDIC has been busy completing the bank’s sale, vigorously attempting to avoid depositor questions, groups of outraged IndyMac depositors who lost cash in the July 11, 2008 takeover have wasted no time in raising significant issues to Congressional representatives and the media, who have taken an increasing interest in their well-documented story. To date, with over 100 lawsuits filed in Federal Court in Los Angeles there has been increasing significant media coverage documenting an extraordinary number of black hole, questionable transactions on the part of the OTS and FDIC regarding IndyMac.

Due to their non-stop efforts, the grassroots group has gotten the attention of Representative Adam Schiff, who has requested Barney Frank investigate the IndyMac matter, as has the OTS OIG [Office of the Inspector General] which last week forwarded a request on behalf of IndyMac depositors to the FDIC OIG to launch its own investigation of the affair. “Our credibility changed greatly when the OTS itself issued its hard-hitting report condemning OTS behavior on February 26, 2009,” says Fran Quittel of FDIC Business Alert. John Reich, the OTS Director, and Darrell Dochow, the regulator in question have both resigned. “Now it is time for Congress to look a lot more closely at the FDIC, particularly since the IRS has granted Bernie Madoff9s hedge fund investors a lot more favorable tax treatment for their losses than IndyMac’s cash depositors at a bank.

Documentation presented by IndyMac Depositors includes:
1. The letter of December 22, 2008, from Eric Thorson, Inspector General of the Treasury, to Senator Charles Grassley;
2. The letter of January 30, 2009 from John Reich, Director of the OTS, to Treasury Secretary Timothy Geithner;
3. The hard-hitting report filed by the Office of the Treasury’s Inspector General dated February 26, 2009 condemning OTS behavior in IndyMac’s supervision.

All identify actions which could have been undertaken by the OTS and also the FDIC to protect depositors in advance of the July 11, 2008 takeover, which were not done, and also do not provide the transparency sought by depositors to the events surrounding the period from May 10 to July 11, 2008 and from July 11, 2008 forward, particularly where the OTS chief and western region regulator have resigned. “Over and over, we have heard the FDIC tell us that we, not the bank, were responsible for bank provided paperwork which left depositors losing 50% of their cash, although it is clear in many instances that all of the misinformation and documents were provided by bank personnel themselves,” says Lisa Marshall of IndyMac Depositors Group.

What the group has protested overall, in addition to their loss of 50% of their cash deposits, is an established FDIC pattern of stonewalling depositors seeking transparency and clear answers, blaming customers for a rampant pattern of deliberate bank errors and misinformation, with many depositors recently receiving new paperwork for existing IndyMac accounts, sent by IndyMac staff, now FDIC employees, and now bulldozing depositors into a completed sale attempting to end their fight for their lost funds with literally no further explanation.

Therefore IndyMac’s depositors are gathering increased momentum to have Congress take a further look at the matter, providing answers to these unanswered questions:

1.Since the OTS and FDIC knew from at least May 10 forward, why did they allow the bank to continue to aggressively solicit deposits and utterly fail to protect depositor funds or alert depositors, knowing they were not fully insured?
2.Exactly when and how did the FDIC pre-determine its 50% advance dividend? When exactly did they begin to solicit bids for the bank? And from whom? For how long was OneWest in the picture and did their input determine the FDIC’s 50% coverage?
3.Why has the bank, now run by the FDIC since July, sent many depositors new paperwork for existing accounts?
4.In light of Timothy Geithner’s pro-transparency mantra, particularly in light of revealed OTS irregularities, why haven’t Barney Frank, Christopher Dodd, Chuck Grassley and Charles Schumer looked more closely at FDIC operations, particularly since OTS malfeasance has already been revealed?
5.Why are IndyMac’s depositors who lost 50% of their cash treated differently from Bernie Madoff’s hedge fund investors who have been granted extraordinary relief with regard to their losses. In other words, ask IndyMac’s depositors, “Are Bernie Madoff’s hedge fund investors more protected than IndyMac bank depositors who lost cash at a bank supposedly supervised by the OTS and FDIC?”

IndyMac uninsured depositors who lost millions demand justice from FDIC, OTS and OneWest.

[Released on March 19, 2009 - Source "FDIC Closes Sale of Indymac Federal Bank, Pasadena, California"]

Your Banner Ad Here instead - Showing along with ALL Articles covering Financial / Legal / Venture Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


Written by / Agency / Source: Agnes Huff Communications Group, LLC


Availability: All Regions (Including Int'l)


Traffic Booster: [/] Quick NewswireToday Visibility Checker


Distribution / Indexing: [+]

# # #
  Your Banner Ad showing on ALL
Financial / Legal / Venture articles,
CATCH Visitors via Your Competitors Announcements!

As Depositors Cry Foul FDIC Completes IndyMac Sale to OneWest

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name NewswireToday and LINK as the source.
Publisher Contact: Fran Quitel 
310-641-2525 info[.]
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Agnes Huff Communications Group, LLC securities in any jurisdiction including any other companies listed or named in this release.

Financial / Legal / Venture via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Read Latest Articles From Agnes Huff Communications Group, LLC / Company Profile

Read Financial / Legal / Venture Most Recent Related Newswires:

The Retirement Advantage, Inc. and Retirement Learning Center Announce Strategic Partner
Giovambattista Scuticchio Foderaro Takes Part in Forbes Business Council Relaunches Industry-leading On-demand Continuing Legal Education Platform
The Retirement Advantage Appoints Darin Erdmann As National Sales Manager
Global Female Income to Reach Trillion in 2020 Says Frost & Sullivan
ALM Announces the Launch of Legal Radar
SCOR Acquires A Majority Stake in AgroBrasil - An Innovator and Leader in Brazil’s Agriculture Insurance Ecosystem
The Retirement Advantage, Inc. Hires Trey Galuppi As MEP Specialist
Controlling eDiscovery Spend, Security, and Cloud Are Top Priorities for Enterprise Legal Departments
ALM Announces the Launch of International
The Retirement Advantage, Inc. Continues Expansion of National Footprint with Acquisition of FSA
Global Lending Services, LLC Expanding Operations, Adding 669 Jobs in Greenville County, SC
Two Powerhouse Keynotes to Drive the Business of Law Discussion At Legalweek
The Retirement Advantage, Inc. Expands Consulting Capabilities and National Footprint
Global Financial Analytics Market is Propagating At a Growth Rate of 10.05% CAGR by 2027 Finds Inkwood Research

Boost Your Social Network
& Crowdfunding Campaigns

NewswireToday Celebrates 10 Years in Business


Visit  RightITnow, Inc.


  ©2020 NewswireToday — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution newswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (