|From:||$270 million recovered <email@example.com>|
|Sent time:||Wednesday, October 19, 2011 3:49:55 PM|
|Subject:||[september17discuss] "occupy needs to Occupy the radar screen of the FDIC"|
Visiting from San Francisco, email back to: firstname.lastname@example.org
I was down at Occupy Wall Street yesterday. This is what I have to
add to the discussion. Please start banking efforts with the
FDIC . . .
In July of 2008, IndyMac Bank was taken over by the FDIC.
10,000 depositors had their accounts debited by about $250 million.
Thanks to former representative Jane Harman and the work of a small
group of IndyMac depositors who lost 50% of their "excess" deposited
in the FDIC's takeover of IndyMac Bank, $270 million was restored to
depositor accounts of all banks taken over after 1-1-2008. During
two years the FDIC often told depositors that they themselves were
errors in bank paperwork - even though government audits later showed
and OTS having allowed IndyMac to "cook" its books while under their
Among the pro-consumer requests of depositors to the FDIC were these:
1. that the FDIC and its member banks be required to tell depositors
clearly that all accounts are insured under aggregated, umbrella
limits for all accounts in that category and not each account
separately. (this the FDIC has consistently stonewalled).
Depositors wanted this on the FDIC's website and for all banks to tell
depositors clearly that these umbrella limits cover their funds.
2. depositors also wanted the FDIC to use the same "alert" technology
that is used to tell mortgagees who have missed a mortgage payment or
checking account holders to NSF (insufficient funds) in their
accounts to tell depositors if their balances exceeded insured
the FDIC also refused to do, though it was a request made early on by
their poster girl, Suze Orman, and now mobile phone companies will
alert their users when minutes are running low.
3. Additionally, the Senate and House whose audits pilloried the OTS
both for allowing IndyMac to backdate an $18 million capital infusion
from May to March of 2008 among other lapses in supervisory behavior
specified in Dodd Frank the "no re-hire" of OTS employees into the
new Consumer Financial
Amazingly, the former OTS deputy regional director (who worked with
FIRED regional director Darrell Dochow) was now appointed to head the
new CFPB in the west. Let us ask: Who is Edwin Chow? And he is not
alone as an implementation memo added to Dodd Frank appears to
expedite the re-hire of OTS personnel into the new agency.
Now what has happened to IndyMac Bank?
In what was originally called a "sweetheart deal," the FDIC
auctioned the remains of IndyMac Bank
to a group of ex-goldman sachs investors: john paulson, steve mnuchin
(son of famous new yorker Robert Mnuchin) and morphed IndyMac into
OneWest. This "new" bank has reaped more than $2.6 billion in
retained earnings since the formation of the "new" IndyMac bank as One
December of 2008.
Many thousands of dollars were paid in bonuses to FDIC and OTS
personnel, some of whom were "released" but retained their full
youtube video: the FDIC restores $270 million
to 9500 bank depositors via an amendment to Dodd Frank
|< PREV||INDEX||SEARCH||NEXT >|