Don't Tell Anyone: A Bank Has Failed
2008-07-12
Posted by: badanov
Even folks who watch financial news on TV were unaware of this debacle until late Friday and early Saturday. That is an apparent indication of just how high stock markets are at the moment.
Everyone is focussed on FreddyMac and FannieMae, and apparently unaware Indymac was about to fail. $1.3 billion in 11 days run will sure do that to a bank.
Way to go, federal government: You kept this from hitting the news and affecting equities, but now you have an even more severe credibility problem by deliberately waiting until markets closed.
Understandable and easy to explain. Best hope the markets don't punish everyone for this tiny indiscretion.
From what I have read so far, it appears that another investment bank is about to fold as a direct result of this bank failure.
But let's wait until Friday to announce the obvious, so it won't hurt so much.
And f*ck up weekends of everyone responsible for this current mess...
Oh, and put it on Uncle Sam's credit card, s'il vous plait. The government can be classy that way giving up $5 bllion or so. Just whip out the old plastic.
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