This is Lisa's last posting until the new year and news of the "sale" outcome for Indymac Bank.
May the Year of the Ox be fantastic for all of us and our families!
Cheers,
Lisa
Wednesday, December 31, 2008
Good Health and Best of Times in 2009
This is Lisa's last posting until the new year and news of the "sale" outcome for Indymac Bank.
May the Year of the Ox be fantastic for all of us and our families!
Cheers,
Lisa
Dec. 29 American Banker Article
http://www.onwallstreet.com/asset/article/2649211/fewer-bank-failures-than-expected-2008.html?pg=
Observers said that experience influenced the way the FDIC handled the subsequent 20 failures.
"It's fair to say that the FDIC did not want another IndyMac," Mr. Dennis said. "They do not want CNN panning crowds lined up to try and get their deposits before the bank opens in the morning."
Since then the vast majority of the FDIC's receiverships have covered uninsured depositors, preventing the kind of fallout that results from customers losing money. Of the 20 banks that failed after IndyMac, 16 of the transactions fully covered uninsured customers.
Some observers raised questions that the FDIC had violated its statutory mandate to find the least costly resolution, arguing that while protecting all depositors may be in the public interest, it is not the law.
"The statute doesn't say anything about public confidence," said Bert Ely, an independent consultant based in Virginia and a critic of the agency. "I don't have a problem with protecting all depositors, but there ought to be an open debate about it."
But FDIC officials said protecting depositors was not their idea, but the result of the bidding process. Some observers said banks are more likely after IndyMac to seek to protect deposits for fear of starting a panic.
"If the bidders are willing to pay enough traditional money to pay the uninsured, then they're protected," said Art Murton, the director of the FDIC's division of insurance and research. "That's not something really we control. It's really a function of the value of the franchise, and how the bidders view it."
It is clear, however, that the FDIC has responded to failures more creatively since IndyMac.
Observers said that experience influenced the way the FDIC handled the subsequent 20 failures.
"It's fair to say that the FDIC did not want another IndyMac," Mr. Dennis said. "They do not want CNN panning crowds lined up to try and get their deposits before the bank opens in the morning."
Since then the vast majority of the FDIC's receiverships have covered uninsured depositors, preventing the kind of fallout that results from customers losing money. Of the 20 banks that failed after IndyMac, 16 of the transactions fully covered uninsured customers.
Some observers raised questions that the FDIC had violated its statutory mandate to find the least costly resolution, arguing that while protecting all depositors may be in the public interest, it is not the law.
"The statute doesn't say anything about public confidence," said Bert Ely, an independent consultant based in Virginia and a critic of the agency. "I don't have a problem with protecting all depositors, but there ought to be an open debate about it."
But FDIC officials said protecting depositors was not their idea, but the result of the bidding process. Some observers said banks are more likely after IndyMac to seek to protect deposits for fear of starting a panic.
"If the bidders are willing to pay enough traditional money to pay the uninsured, then they're protected," said Art Murton, the director of the FDIC's division of insurance and research. "That's not something really we control. It's really a function of the value of the franchise, and how the bidders view it."
It is clear, however, that the FDIC has responded to failures more creatively since IndyMac.
Armel Leslie (John Paulson's PR person and his email)
I sent this message to Armel Leslie this morning. He is the pr person for John Paulson, the hedgefund investor who is buying troubled assets.
From: francq@aol.comTo: aleslie@walek.comSent: Wed, 31 Dec 2008 6:22 amSubject: john paulson on bloomberg this morning
I noticed you are the PR representative for John Paulson and that he is apparently attempting to buy IndyMac and increase his profits from buying troubled assets. However, we are a group of IndyMac depositors who are awaiting the restoration of 50% of our removed funds and closely folllowing Congressional lack of regulation, supervision and oversight by agencies such as the FDIC and OTS.We are also tracking this sale and feel that your appearances in Congress could factor us in - rather than out. We are also following the Treasury's investigation of Darrell Duchow.I am interested in being in touch with you as quickly as possible so that this occurs speedily. It is pitiful that this Congress and its agencies are apparently going to take the plight of depositors set them up for the success of a hedge fund investor.
Fran Quittel
francq@aol.com
http://www.indymacdepositors.com/
http://www.fdicbusinessalert.com/
626-864-1400/cell
From: francq@aol.comTo: aleslie@walek.comSent: Wed, 31 Dec 2008 6:22 amSubject: john paulson on bloomberg this morning
I noticed you are the PR representative for John Paulson and that he is apparently attempting to buy IndyMac and increase his profits from buying troubled assets. However, we are a group of IndyMac depositors who are awaiting the restoration of 50% of our removed funds and closely folllowing Congressional lack of regulation, supervision and oversight by agencies such as the FDIC and OTS.We are also tracking this sale and feel that your appearances in Congress could factor us in - rather than out. We are also following the Treasury's investigation of Darrell Duchow.I am interested in being in touch with you as quickly as possible so that this occurs speedily. It is pitiful that this Congress and its agencies are apparently going to take the plight of depositors set them up for the success of a hedge fund investor.
Fran Quittel
francq@aol.com
http://www.indymacdepositors.com/
http://www.fdicbusinessalert.com/
626-864-1400/cell
unlimited hedge fund withdrawals (John Paulson)
John Paulson [no relation to Henry], the very same hedgefund investor who is trying to buy IndyMac said on Bloomberg this morning that hedge fund investors who want to withdraw their funds should be allowed unlimited access to their capital. This is in light of the Madoff scandal and potential changes to regulations to allow them to do so.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aaiL4CVMbE7s&refer=home
Dec. 31 (Bloomberg) -- John Paulson, who runs the $36 billion hedge-fund firm Paulson & Co., has some harsh words for his peers and their tendency this year to block or curb clients’ attempts to get their money back.
“We think it’s a mistake for managers to use gates and other tools to limit investor access to their funds,” Paulson wrote in a 2009 outlook to investors. “While we recognize the difficulties of the current environment, we think it is a manager’s responsibility to raise liquidity to meet the redemption needs of their investors.. . .
All of Paulson’s funds profited last year buying credit default swaps on mortgage assets, which are instruments that rise in value as the risk of default increases. Paulson told investors in November that he had increased his holdings of derivatives that gain in value when the chances of corporate credit defaults rise.
Paulson’s Advantage Plus fund has climbed 29 percent this year through October while many managers are enduring the worst year of their careers. ”
He is apparently appearing before Congress to buy troubled mortgage assets and his hedge fund is up by 29% this year. I imagine that Congress and the FDIC will continue to allow anyone who will return the money the FDIC spent to profit from this situation - to the detriment of depositors who have lost funds.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aaiL4CVMbE7s&refer=home
Dec. 31 (Bloomberg) -- John Paulson, who runs the $36 billion hedge-fund firm Paulson & Co., has some harsh words for his peers and their tendency this year to block or curb clients’ attempts to get their money back.
“We think it’s a mistake for managers to use gates and other tools to limit investor access to their funds,” Paulson wrote in a 2009 outlook to investors. “While we recognize the difficulties of the current environment, we think it is a manager’s responsibility to raise liquidity to meet the redemption needs of their investors.. . .
All of Paulson’s funds profited last year buying credit default swaps on mortgage assets, which are instruments that rise in value as the risk of default increases. Paulson told investors in November that he had increased his holdings of derivatives that gain in value when the chances of corporate credit defaults rise.
Paulson’s Advantage Plus fund has climbed 29 percent this year through October while many managers are enduring the worst year of their careers. ”
FDIC communications discrepancies
On July 13, immediately after the FDIC takeover, Andrew Gray published a news release citing Sheila Bair's "help to depositors" to re-structure accounts that were over if there were problems with named beneficiaries. After depositors apparently "self-identified", helping the FDIC remove 50% of funds that were over, that release was first changed and the url directed to another release on the FDIC site - without that sentence. Later, the cache file for the release was totally obliterated - as if it never existed.
This is the language of the original, changed and then obliterated release. Given the fact that Congress has been so quick to issue a $700 billion bailout, I continue to wonder why the FDIC's communications policies which benefit itself, banks and their lobbyists far more than depositors - have escaped Congressional scrutiny.
"All bank depositors should also understand that they can have insurance coverage in excess of the basic limits of $100,000 per institution, with an additional $250,000 per institution for IRAs. For instance, subject to certain conditions, single and joint accounts are separately insured, and revocable trusts generally provide $100,000 of coverage per beneficiary. If you have any questions about whether your deposits are insured, we encourage you to consult with your bank or contact our deposit insurance specialists at 1-877-ASK-FDIC. If you find that you are not fully insured, it may be possible to restructure your accounts to bring your deposits below the insured limits. But first get the facts before making any changes in your accounts or banking relationships."
This is the language of the original, changed and then obliterated release. Given the fact that Congress has been so quick to issue a $700 billion bailout, I continue to wonder why the FDIC's communications policies which benefit itself, banks and their lobbyists far more than depositors - have escaped Congressional scrutiny.
"All bank depositors should also understand that they can have insurance coverage in excess of the basic limits of $100,000 per institution, with an additional $250,000 per institution for IRAs. For instance, subject to certain conditions, single and joint accounts are separately insured, and revocable trusts generally provide $100,000 of coverage per beneficiary. If you have any questions about whether your deposits are insured, we encourage you to consult with your bank or contact our deposit insurance specialists at 1-877-ASK-FDIC. If you find that you are not fully insured, it may be possible to restructure your accounts to bring your deposits below the insured limits. But first get the facts before making any changes in your accounts or banking relationships."
Tuesday, December 30, 2008
Marc's Story... another productive person's savings gone
Hi Lisa,
I just came across your blog today and would like to share a story that you may publish. I like so many others here was mislead many times by Indymac Banking officials that all my accounts were fully insured. I called several times and was assured that my accounts were all fully FDIC guaranteed. Even on the Monday after the bank was closed teller 240 reviewed my accounts and I received the same answer that all was in order.
Of course after going through the gut wrenching process of the FDIC interview I found out different. I lost a lot of money due to incorrect bankers information.
I wrote my Congressman, but have never received any answer from him or his staff. I wrote him again after the FDIC changed the rules and was told by FDIC officials that it would NOT include Indymac customers. Had the new rules been made retroactive I would have not lost one dime of money. What an injustice to those of us that trusted the Bank and the government is doling out billions of dollars to save so many other banks. I even called the FDIC to see if they were receiving any of the TARP money but was told no.
Now that it looks like the Bank is going to be sold for 14 billion and you do the math there won’t be enough money to pay the uninsured depositors. They will actually be losing money on the assets as far as I can tell, which will leave nothing for us. When I called the FDIC this morning to run the scenario by one of the agents to see if I was understanding the math right she agreed, but could not comment since nothing had been officially announced. It looks like a fire sale to me for the FDIC to get rid of the Indymac headache. I realize this isn’t the best time in our economic crisis to be selling a bank. It’s just to bad that innocent and careful depositors will probably take it in the shorts on this one. I guess the next few days will tell the story.
If there is anything I can do to help our cause please let me know and I’m very glad to have found your blog. If nothing else I don’t fell so alone in this unjust mess.
Thank you,
Marc
I just came across your blog today and would like to share a story that you may publish. I like so many others here was mislead many times by Indymac Banking officials that all my accounts were fully insured. I called several times and was assured that my accounts were all fully FDIC guaranteed. Even on the Monday after the bank was closed teller 240 reviewed my accounts and I received the same answer that all was in order.
Of course after going through the gut wrenching process of the FDIC interview I found out different. I lost a lot of money due to incorrect bankers information.
I wrote my Congressman, but have never received any answer from him or his staff. I wrote him again after the FDIC changed the rules and was told by FDIC officials that it would NOT include Indymac customers. Had the new rules been made retroactive I would have not lost one dime of money. What an injustice to those of us that trusted the Bank and the government is doling out billions of dollars to save so many other banks. I even called the FDIC to see if they were receiving any of the TARP money but was told no.
Now that it looks like the Bank is going to be sold for 14 billion and you do the math there won’t be enough money to pay the uninsured depositors. They will actually be losing money on the assets as far as I can tell, which will leave nothing for us. When I called the FDIC this morning to run the scenario by one of the agents to see if I was understanding the math right she agreed, but could not comment since nothing had been officially announced. It looks like a fire sale to me for the FDIC to get rid of the Indymac headache. I realize this isn’t the best time in our economic crisis to be selling a bank. It’s just to bad that innocent and careful depositors will probably take it in the shorts on this one. I guess the next few days will tell the story.
If there is anything I can do to help our cause please let me know and I’m very glad to have found your blog. If nothing else I don’t fell so alone in this unjust mess.
Thank you,
Marc
Fannie Mae Holding IndyMac Deal ‘Hostage’
Here is the latest news on the potential Indymac sale. http://www.housingwire.com/2008/12/30/fannie-mae-holding-indymac-deal-hostage-sources-say/ No mention whatsoever regarding what will become of the depositors that are still waiting for their money from the FDIC. Apparently everyone has their hands in the pie. While the FDIC continues to work a backroom deal with a private equity consortium known as HoldCo, who is looking out for the best interest of the depositors? I thought the FDIC could run Indymac for years if necessary. Clearly Indymac Federal Bank is entitled to TARP funds. Just use some of the TARP money to purchase the "toxic" mortgages and GIVE US DEPOSITORS OUR MONEY BACK !!!
FDIC Balance Sheet as of 10-20-2008
Greetings all,
This balance sheet is published on the web, but for your convenience, you may CLICK HERE to view it. Definitely looks like our higher math skills are not needed to see a deficit here. Take a peek for your self. The FDIC initially came up with a statement of $8.9 billion as their cost, now it's running $16.6 billion? Well, the offer is in (according to the press) for $14 billion. Where is the $540 million for us? It already looks like a $2.6 billion dollar deficit.
This balance sheet is published on the web, but for your convenience, you may CLICK HERE to view it. Definitely looks like our higher math skills are not needed to see a deficit here. Take a peek for your self. The FDIC initially came up with a statement of $8.9 billion as their cost, now it's running $16.6 billion? Well, the offer is in (according to the press) for $14 billion. Where is the $540 million for us? It already looks like a $2.6 billion dollar deficit.
FDIC phone numbers...Now you can have them (again)
David noticed that the FDIC removed all of their office phone numbers from the FDIC web site. He saved an original copy with all the office phone numbers to the D.C. and field offices, which do NOT appear on the FDIC webs site any longer. Now you may CLICK HERE to get them all!
FDIC Organization Directory and Office Contacts
I was appalled this morning when I went to the FDIC official website http://www.fdic.gov/about/contact/directory/index.html to contact the Division of Resolutions & Receiverships only to find that all the phone numbers for the contacts from their Headquarters have conveniently been deleted from the FDIC websight. Shame on the FDIC. They have obviously confused the concept of trying to be more "transparent" with that of being more "invisable". Clearly they are trying to avoid our phone calls so they do not have to deal with the depositors from Indymac. Lucky for them I saved the original list with the phone numbers from when Indymac first failed because I suspected that the FDIC might try and do something like that. I will contact Lisa to see if she can post the list I have so we can contact FDIC officials with our concerns, comments and questions. Your comments are greatly appreciated. Thank you.
Monday, December 29, 2008
June's story
As I read through all the posts on indymacdepositors.com I realize that my story resembles so many others. An Indymac Bank representative told me that my savings were safe, I believed him and ended up loosing part of my hard earned life savings.
On September 12, 2007, I opened a single checking account at Indymac Bank with my daughter as a beneficiary. I always knew that the FDIC would insure up to $100,000 so I was careful to stay at that amount. A couple of months later when the rates were falling I called the bank with the intent of closing my account. The Indymac rep told me they had new higher CD rates and that I should transfer my savings and could even increase the balance. Knowing about the $100,000 insurance limit I asked how it could be safe. He told me that if I put another name on the CD it would be insured for up to $200,000. I gave him my daughter’s information and a few days later on November 06, 2007, I sent an additional $50,000 to Indymac and the account was changed to a CD with a new number. I felt secure and was ready to forget about the money until I retired in a couple of years.
It wasn’t until I got a letter dated July 15, 2008 from the FDIC that I woke up. The FDIC sent me a Receiver’s Certificate in the amount of $55,621.00 for my account that had been set up with two names. The rep put my daughter on the account “In Trust For” along with a fictitious middle initial (she has none). I found out in the next few days that the account was only insured for $100,000. I was in complete shock. I reread the letter and it still made no sense. How could this happen when I had the guidance of one of the banks own representatives. I called the bank and was told that the first available FDIC agent couldn’t speak to me for two weeks. I sprung into panic mode and called everyone I could think: consumer groups, an email to Niki Tsongas- my Congresswoman, a MA lawyer, and the Attorney General’s office. On August 10, 2008, my appointment with the FDIC agent arrived and I was told there were many stories from customers that received the wrong information from Indymac. If the bank rep had set it up as a joint account it would have been insured. It was suggested I call the Ombudsman office. Two days later I was told by a person in that office that even though the bank may have given people the wrong information, Indymac no longer existed, therefore there was no one to answer my complaint.
Working in a public school I teach responsibility and values for an honest life everyday to my students. I voted for hope in the last election and now I watch, with all my fellow Americans, the billions given to bailout big companies and banks that took huge risks and were far from honest in their dealings. I am trying to be hopeful that there is one leader out there that can stand up for all of us that were misled and lied to by Indymac Bank. The FDIC insurance increase should be retroactive to cover all the victims of the Indymac failure. In the context of all the current bailouts it’s simply the right thing to do.
On September 12, 2007, I opened a single checking account at Indymac Bank with my daughter as a beneficiary. I always knew that the FDIC would insure up to $100,000 so I was careful to stay at that amount. A couple of months later when the rates were falling I called the bank with the intent of closing my account. The Indymac rep told me they had new higher CD rates and that I should transfer my savings and could even increase the balance. Knowing about the $100,000 insurance limit I asked how it could be safe. He told me that if I put another name on the CD it would be insured for up to $200,000. I gave him my daughter’s information and a few days later on November 06, 2007, I sent an additional $50,000 to Indymac and the account was changed to a CD with a new number. I felt secure and was ready to forget about the money until I retired in a couple of years.
It wasn’t until I got a letter dated July 15, 2008 from the FDIC that I woke up. The FDIC sent me a Receiver’s Certificate in the amount of $55,621.00 for my account that had been set up with two names. The rep put my daughter on the account “In Trust For” along with a fictitious middle initial (she has none). I found out in the next few days that the account was only insured for $100,000. I was in complete shock. I reread the letter and it still made no sense. How could this happen when I had the guidance of one of the banks own representatives. I called the bank and was told that the first available FDIC agent couldn’t speak to me for two weeks. I sprung into panic mode and called everyone I could think: consumer groups, an email to Niki Tsongas- my Congresswoman, a MA lawyer, and the Attorney General’s office. On August 10, 2008, my appointment with the FDIC agent arrived and I was told there were many stories from customers that received the wrong information from Indymac. If the bank rep had set it up as a joint account it would have been insured. It was suggested I call the Ombudsman office. Two days later I was told by a person in that office that even though the bank may have given people the wrong information, Indymac no longer existed, therefore there was no one to answer my complaint.
Working in a public school I teach responsibility and values for an honest life everyday to my students. I voted for hope in the last election and now I watch, with all my fellow Americans, the billions given to bailout big companies and banks that took huge risks and were far from honest in their dealings. I am trying to be hopeful that there is one leader out there that can stand up for all of us that were misled and lied to by Indymac Bank. The FDIC insurance increase should be retroactive to cover all the victims of the Indymac failure. In the context of all the current bailouts it’s simply the right thing to do.
Potential Sale of Indymac - Holdco - late January
Hot off the presses for those of you who have not seen this... It is looking like the sale of the bank is proceeding...
http://online.wsj.com/article/SB123057137056939847.html?mod=googlenews_wsj
http://online.wsj.com/article/SB123057137056939847.html?mod=googlenews_wsj
Mailing addresses for Congress and important contacts
Greetings all:
I promised you a list of individuals in the public eye, both government issue, and important news, or popular media to whom I wrote at the end of November.
To view, download and do what you will with this information, I have loaded it as a web page & you can click here to find it.
I wrote to all of the individuals listed & heard back from a few, in the form of pre-formed, rubber stamped letters by Congress members' staff.
Thanks to Lauren LaCapra at "TheStreet.com", who read my letter, this subject received attention and a blog was born here. If enough people write to media, or call, we can raise the awareness. Please write today.
Cheers,
Lisa
I promised you a list of individuals in the public eye, both government issue, and important news, or popular media to whom I wrote at the end of November.
To view, download and do what you will with this information, I have loaded it as a web page & you can click here to find it.
I wrote to all of the individuals listed & heard back from a few, in the form of pre-formed, rubber stamped letters by Congress members' staff.
Thanks to Lauren LaCapra at "TheStreet.com", who read my letter, this subject received attention and a blog was born here. If enough people write to media, or call, we can raise the awareness. Please write today.
Cheers,
Lisa
Sunday, December 28, 2008
Please post indymacdepositors.com at every comment.
Hello all!
We are in for Mr.Toad's wild ride! Please stay tuned to Indymacdepositors.com and reference indymacdepositors.com at each comment ou post or encounter.
This is government negligence, under OTS supervision and FDIC approval. It is so important to stay on task and shed light on this situation. We will make progress and recover our funds if we continue to raise awarenes.
Please remember to reference indymacdepositors.com at each article you post a comment to in any publication. This small effort will help us to indentify more depositors to join the cause to recover our deposits.
Please stay tuned and have a happy last week of 2008.
Cheers,
Lisa Marshall
We are in for Mr.Toad's wild ride! Please stay tuned to Indymacdepositors.com and reference indymacdepositors.com at each comment ou post or encounter.
This is government negligence, under OTS supervision and FDIC approval. It is so important to stay on task and shed light on this situation. We will make progress and recover our funds if we continue to raise awarenes.
Please remember to reference indymacdepositors.com at each article you post a comment to in any publication. This small effort will help us to indentify more depositors to join the cause to recover our deposits.
Please stay tuned and have a happy last week of 2008.
Cheers,
Lisa Marshall
News Media phone numbers c/o Gina
Please contact these news entities to get your story out there:
ABC NEWS 323 953 0511
BREAKING NEWS 877 777 6397
CNN 323 993 5000
FOX 310 584 2000
KCA 323 467 9999
CBS 323 575 2345 or 323 651 0225
KNBC NEWS 818 840 3214
CNBC 818 840 3425
KTLA 323 460 5500
WSJ 323 658 7505 or 323 658 6464
ASSOCIATED PRESS 213 626 1200
REUTERS 213 380 2014
NY TIMES 323 658 8984
ABC NEWS 323 953 0511
BREAKING NEWS 877 777 6397
CNN 323 993 5000
FOX 310 584 2000
KCA 323 467 9999
CBS 323 575 2345 or 323 651 0225
KNBC NEWS 818 840 3214
CNBC 818 840 3425
KTLA 323 460 5500
WSJ 323 658 7505 or 323 658 6464
ASSOCIATED PRESS 213 626 1200
REUTERS 213 380 2014
NY TIMES 323 658 8984
Gina's press letter-please comment!
IMMINENT FIRE SALE OF INDYMAC BANK MUST BE EXPOSED !!!
The illegal actions of the OTC regulators in May are now compounded by the FDIC desperate efforts to dump IndyMac Bank by year's end regardless of return or consequences.
PLEASE EXPOSE THIS FDIC SCAM DEVELOPING AT GREAT COST TO THE TAXPAYERS !!!
The scenario is simple:
The OTC allows Indymac Officials to backdate a massive infusion of assets in May , to hide the severity of
their financial condition, deceiving Depositors, Stockholders and the public at large.
If properly informed, the FDIC would have intervened and sold IndyMac Bank sooner, for much more money before assets deteriorated further.
The FDIC takes control of the Bank's Assets in July when their interests are compromised.
Due to repeatedly documented misinformation of FDIC Insurance Parameters, The FDIC seizes "uninsured"
funds from 10,000 Depositors. The last five months have been a living hell for them.......College Funds vanished, retirement nest eggs decimated, old people penniless....savings of a lifetime disappear.
Shiela Blair spends these five months "altering" mortgages.
The Treasury has doled out over one trillion dollars Charles Schumer's buddies on Wall Street who made obscene profits from these Loans. Irresponsible Mortgage holders now are "Victims".
News of the OTC cover-up in May hits the media on December 23rd.
Simultaneously, the FDIC lifts its' news blackout to announce the sale of IndyMac by year's end.
December 26th the media uncovers that a desperate FDIC is finalizing negotiations with a private equity firm led by former Goldman Sachs executives ..... Sweet Deal !!!
The scam is simple: The FDIC gets rid of IndyMac
Buyers obtain Bank Charter and get bankrolled for billions under TARP.
Depositors and Stockholders, and ultimately Taxpayers are shafted with MORE debt .
WILL SOMEBODY PLEASE DEFEND THE PUBLIC'S INTERESTS ......????
For further details or documentation please contact directly Lisa Marshall at indymacdepositors@gmail.com or the undersigned.
Warmest Holiday Wishes,
Gina
Gina Martelli
gsmla@aol.com
The illegal actions of the OTC regulators in May are now compounded by the FDIC desperate efforts to dump IndyMac Bank by year's end regardless of return or consequences.
PLEASE EXPOSE THIS FDIC SCAM DEVELOPING AT GREAT COST TO THE TAXPAYERS !!!
The scenario is simple:
The OTC allows Indymac Officials to backdate a massive infusion of assets in May , to hide the severity of
their financial condition, deceiving Depositors, Stockholders and the public at large.
If properly informed, the FDIC would have intervened and sold IndyMac Bank sooner, for much more money before assets deteriorated further.
The FDIC takes control of the Bank's Assets in July when their interests are compromised.
Due to repeatedly documented misinformation of FDIC Insurance Parameters, The FDIC seizes "uninsured"
funds from 10,000 Depositors. The last five months have been a living hell for them.......College Funds vanished, retirement nest eggs decimated, old people penniless....savings of a lifetime disappear.
Shiela Blair spends these five months "altering" mortgages.
The Treasury has doled out over one trillion dollars Charles Schumer's buddies on Wall Street who made obscene profits from these Loans. Irresponsible Mortgage holders now are "Victims".
News of the OTC cover-up in May hits the media on December 23rd.
Simultaneously, the FDIC lifts its' news blackout to announce the sale of IndyMac by year's end.
December 26th the media uncovers that a desperate FDIC is finalizing negotiations with a private equity firm led by former Goldman Sachs executives ..... Sweet Deal !!!
The scam is simple: The FDIC gets rid of IndyMac
Buyers obtain Bank Charter and get bankrolled for billions under TARP.
Depositors and Stockholders, and ultimately Taxpayers are shafted with MORE debt .
WILL SOMEBODY PLEASE DEFEND THE PUBLIC'S INTERESTS ......????
For further details or documentation please contact directly Lisa Marshall at indymacdepositors@gmail.com or the undersigned.
Warmest Holiday Wishes,
Gina
Gina Martelli
gsmla@aol.com
Tracy's story
To all uninsured depositors,
My name is Tracy Li, I am one of the victims of failed bank with deposit receivership. I am also a single working mother originally from China. I worked really hard to save the money, try to build up strong financial foundation. But the nightmare was happened on July 11. I was so sharked and couldn't eat & sleep well on the following week. when i was in the crowd to withdraw the money on July 14, I was told by FDIC that they possibly to sell Indymac assets up to 5 years. If they can sell the bank, we still don't know how much we can get it back.
I think we should follow Lisa to fight for ourselves. We cannot just wait...
If you have some actions please count me in.
Cheers,
Tracy
My name is Tracy Li, I am one of the victims of failed bank with deposit receivership. I am also a single working mother originally from China. I worked really hard to save the money, try to build up strong financial foundation. But the nightmare was happened on July 11. I was so sharked and couldn't eat & sleep well on the following week. when i was in the crowd to withdraw the money on July 14, I was told by FDIC that they possibly to sell Indymac assets up to 5 years. If they can sell the bank, we still don't know how much we can get it back.
I think we should follow Lisa to fight for ourselves. We cannot just wait...
If you have some actions please count me in.
Cheers,
Tracy
Jeannie's story
Hello,
My name is Jeannie, and I an an IndyMac investor who has not received over 50K of MY investment. I was told all accounts under 100 were insured and had 2 accounts - cd's in my name of 100k plus a year's interest/dividends.
Please put me on the list of uninsured folks that you are compiling. I have written my Senator's Jeff Sessions and Richard Shelby - both expressed their sympathies and basically said that the increased FDIC insurance was not retroactive.... and that was about it. I am livid.
Thank you for spearheading a united effort. I look forward to hearing from you.
Jeannie
My name is Jeannie, and I an an IndyMac investor who has not received over 50K of MY investment. I was told all accounts under 100 were insured and had 2 accounts - cd's in my name of 100k plus a year's interest/dividends.
Please put me on the list of uninsured folks that you are compiling. I have written my Senator's Jeff Sessions and Richard Shelby - both expressed their sympathies and basically said that the increased FDIC insurance was not retroactive.... and that was about it. I am livid.
Thank you for spearheading a united effort. I look forward to hearing from you.
Jeannie
Bill's Loss
October 09, 2008
Mr. Ronald Bieker
Deputy Director, Division of Resolutions and Receiverships
FDIC
1601 Bryan Street
Dallas, TX 75201
Dear Mr. Bieker,
I am not certain if you are the correct person I should be contacting, if you are not please forward this email to the correct person or department. My wife and I have lost over eighty thousand dollars in the take over of IndyMac bank. We have received 100% of the amount that was federally insured and the 50% dividend that was promised of the uninsured amount. However, we are still out over $80,000.00 at this time. At the time of the take over of IndyMac it was reported that the FDIC intention was to sell the assets of IndyMac to recover any losses of it's depositors and the FDIC hoped to accomplish this within three months. We are now in the third month and my wife and I are still waiting. We understand these things take time, however the situation my family is in is becoming dire each and every day we wait. Initially my wife and I deposited the money from the sell of our house in IndyMac and this was to be temporary while we searched for another house. Months have passed now and we are having to live with relatives while we wait for something that was taken from us and may never be returned. Mr Bieker if we could go back in time, believe me, my wife and I would have never sold our home and made that deposit into a California bank that a New York Senator caused a run on and left me without a home to provide my wife and my 4 year old daughter. I would like to offer a solution that not only will help my family, but will help the FDIC as well. I have noticed that there are several thousand homes for sell on the IndyMac website and my wife and I would like to purchase one and to have the amount that is due to us discounted from the purchase price. We would be able to pay the difference in cash and this transaction would not require in financing on our part. Please let me know your thoughts on this idea and feel free to contact me with any questions or concerns you may have. I can be reached by mobile phone at 512.538.4243
Kind regards,
Bill Jordan and Elvira Rodriguez
Bill Jordan
Mr. Ronald Bieker
Deputy Director, Division of Resolutions and Receiverships
FDIC
1601 Bryan Street
Dallas, TX 75201
Dear Mr. Bieker,
I am not certain if you are the correct person I should be contacting, if you are not please forward this email to the correct person or department. My wife and I have lost over eighty thousand dollars in the take over of IndyMac bank. We have received 100% of the amount that was federally insured and the 50% dividend that was promised of the uninsured amount. However, we are still out over $80,000.00 at this time. At the time of the take over of IndyMac it was reported that the FDIC intention was to sell the assets of IndyMac to recover any losses of it's depositors and the FDIC hoped to accomplish this within three months. We are now in the third month and my wife and I are still waiting. We understand these things take time, however the situation my family is in is becoming dire each and every day we wait. Initially my wife and I deposited the money from the sell of our house in IndyMac and this was to be temporary while we searched for another house. Months have passed now and we are having to live with relatives while we wait for something that was taken from us and may never be returned. Mr Bieker if we could go back in time, believe me, my wife and I would have never sold our home and made that deposit into a California bank that a New York Senator caused a run on and left me without a home to provide my wife and my 4 year old daughter. I would like to offer a solution that not only will help my family, but will help the FDIC as well. I have noticed that there are several thousand homes for sell on the IndyMac website and my wife and I would like to purchase one and to have the amount that is due to us discounted from the purchase price. We would be able to pay the difference in cash and this transaction would not require in financing on our part. Please let me know your thoughts on this idea and feel free to contact me with any questions or concerns you may have. I can be reached by mobile phone at 512.538.4243
Kind regards,
Bill Jordan and Elvira Rodriguez
Bill Jordan
Saturday, December 27, 2008
Sarah's Mother....
Hi- I read your blog with great interest today as we went through this too for my Mom's accounts at Indymac that we were told were insured. So far she is still out more than $100,000.
She had three CD's with Indymac and they convinced her a fourth would still be covered by FDIC insurance. The new CD started the day before the bank was taken over. We tried to get through to close out that CD on the day that it became clear the bank was in trouble, but no one answered the phones and the fax we sent was ignored.
We have tried all methods with the FDIC including the office of the Ombudsman, they only say to wait until the assets are sold and she should get "some" or most of that money back.
What can I do to help this group action?
Sarah
She had three CD's with Indymac and they convinced her a fourth would still be covered by FDIC insurance. The new CD started the day before the bank was taken over. We tried to get through to close out that CD on the day that it became clear the bank was in trouble, but no one answered the phones and the fax we sent was ignored.
We have tried all methods with the FDIC including the office of the Ombudsman, they only say to wait until the assets are sold and she should get "some" or most of that money back.
What can I do to help this group action?
Sarah
Tuesday, December 23, 2008
Sale of Indymac Appears Imminent
Here we go !!! The moment of truth is upon us. We have waiting patiently for months while the FDIC has experimented with Indymac as laboratory rat with their loan modification program. Now that the FDIC has ran the bank into the ground we can see what it will go for. Check out this article at the following:
http://latimesblogs.latimes.com/money_co/2008/12/indymac-sale-fd.html
Does anyone really believe that the FDIC has looked out for the best interest of the depositors? Isn't it ironic that the long-awaited sale of Indymac Bank may be announced as early as Wednesday, Christmas Eve Day?
http://latimesblogs.latimes.com/money_co/2008/12/indymac-sale-fd.html
Does anyone really believe that the FDIC has looked out for the best interest of the depositors? Isn't it ironic that the long-awaited sale of Indymac Bank may be announced as early as Wednesday, Christmas Eve Day?
Monday, December 22, 2008
Regulator Let IndyMac Backdate Infusion
Looks like all of the major newspapers have picked up this story. Read the different versions below.
Click Here to view the Wall Street Journal story!
Click Here to read the NY Times story.
Click Here to read the Washington Post story.
Click Here to read Yahoo Finance story.
Click Here to view the Wall Street Journal story!
Click Here to read the NY Times story.
Click Here to read the Washington Post story.
Click Here to read Yahoo Finance story.
Connecting the Dots...we ARE the Dots...
Greetings all,
Thanks to each of you for calling, emailing, blogging. In order to get more focus, and take action, I would like to get some info posted on the blog, and, find a place to store files that can be viewed on the Internet; letters and my excel address book of letters I have U.S. post mailed (yes, I went postal) to government workers of all sorts. If you are able to help, please contact indymacdepositors@gmail.com.
A special thanks to Lauren LaCapra at "TheStreet.com" for writing and exposing some information about Indymac & the FDIC.
I have now spoken with about $3,500,000 to $4,000,000 worth of depositors. Conservatively, .7% of all the $541 million missing Indymac dough. Not bad considering I have been on the case for a very short time. You are all very intelligent, very conservative, or you never would have had the savings put away in any event. It is your retirement, college fund for children, money for family, money YOU EARNED. If you feel any bit embarrassed, we all have been there. Help yourself get over it and help us by taking action on the items below. You can remain private if you wish, and still participate in your self assisted attempt in recovery of funds.
A few housekeeping items for us:
1) If you want to be a blogger, please shoot me a quick note back, and I will send you an "invitation to Blog". Send your note to indymacdepositors@gmail.com. the blog site is http://indy-mac.blogspot.com/ or you can type indymacdepositors.com into your browser. This will take you to the same place.
2) If you want my excel spreadsheet of addresses and names of senators, congress people and other entities, please send me a note, I will send to you the excel file as an attachment. If you can do mail merge, it is set for that already. There are about 45 entities or people, so a mail merge helps.
3) If you want to be connected to all of the others in the group & want to connect, I suggest you include your info in the blog, or a comment.
I have stories to post, and out of respect for the privacy of everyone, I want you to post your own, so I don't have to edit out the info you want excluded. We have privacy issues to fully respect, but for those who want to be heard, please get out there.
As a reminder, please write to your congress people! Write to the President Elect Obama, write to President Bush. Write to the media, radio stations, any financial show, cable show, news letter that you think will be fruitful. Please post any replies or results to the group on the blog!
Most of all, stay healthy & love your loved ones. There's no time like the present!
Cheers,
--
Lisa Marshall
Thanks to each of you for calling, emailing, blogging. In order to get more focus, and take action, I would like to get some info posted on the blog, and, find a place to store files that can be viewed on the Internet; letters and my excel address book of letters I have U.S. post mailed (yes, I went postal) to government workers of all sorts. If you are able to help, please contact indymacdepositors@gmail.com.
A special thanks to Lauren LaCapra at "TheStreet.com" for writing and exposing some information about Indymac & the FDIC.
I have now spoken with about $3,500,000 to $4,000,000 worth of depositors. Conservatively, .7% of all the $541 million missing Indymac dough. Not bad considering I have been on the case for a very short time. You are all very intelligent, very conservative, or you never would have had the savings put away in any event. It is your retirement, college fund for children, money for family, money YOU EARNED. If you feel any bit embarrassed, we all have been there. Help yourself get over it and help us by taking action on the items below. You can remain private if you wish, and still participate in your self assisted attempt in recovery of funds.
A few housekeeping items for us:
1) If you want to be a blogger, please shoot me a quick note back, and I will send you an "invitation to Blog". Send your note to indymacdepositors@gmail.com. the blog site is http://indy-mac.blogspot.com/ or you can type indymacdepositors.com into your browser. This will take you to the same place.
2) If you want my excel spreadsheet of addresses and names of senators, congress people and other entities, please send me a note, I will send to you the excel file as an attachment. If you can do mail merge, it is set for that already. There are about 45 entities or people, so a mail merge helps.
3) If you want to be connected to all of the others in the group & want to connect, I suggest you include your info in the blog, or a comment.
I have stories to post, and out of respect for the privacy of everyone, I want you to post your own, so I don't have to edit out the info you want excluded. We have privacy issues to fully respect, but for those who want to be heard, please get out there.
As a reminder, please write to your congress people! Write to the President Elect Obama, write to President Bush. Write to the media, radio stations, any financial show, cable show, news letter that you think will be fruitful. Please post any replies or results to the group on the blog!
Most of all, stay healthy & love your loved ones. There's no time like the present!
Cheers,
--
Lisa Marshall
Making the News...on Rush Limbaugh's radio program
IndyMac & Charles Schumer were given dishonorable mention on Mr. Limbaugh's radio program today. He talked about Senator Schumer's involvement in the whole fiasco. Rush Limbaugh's radio program web site is: www.rushlimbaugh.com
Please write to Mr. Limbaugh, as we may generate some enthusiasm for publicity there.
Email Rush at elrushbo@eibnet.com.
Cheers,
Lisa
Please write to Mr. Limbaugh, as we may generate some enthusiasm for publicity there.
Email Rush at elrushbo@eibnet.com.
Cheers,
Lisa
Sunday, December 21, 2008
Merry Christmas FDIC !!!
All I want for Christmas is my hard earned money back so I can stimulate the economy and spend lots of money on gifts for my family and friends which they so much deserve.
Please read my story at:
IndyMac Bank Customer Frustrated by $52K Loss !!!
or
http://www.nowpublic.com/tech-biz/indymac-bank-customer-frustrated-52k-loss
Links to FDIC press releases that effect our deposit insurance:
Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor http://www.fdic.gov/news/news/press/2008/pr08093.html
FDIC Simplifies Coverage Rules for Revocable Trust Accounts http://www.fdic.gov/news/news/press/2008/pr08086.html
These rules need to be made retroactive to when this crisis began and lawmakers agree that Indymac was the first major bank to fail due to our current economic crisis. TARP (Troubled Asset Relief Program) funds could also be used to purchase "toxic" mortgages from failed Indymac Bank which would provide the FDIC enough money to return to the depositors.
Please read my story at:
IndyMac Bank Customer Frustrated by $52K Loss !!!
or
http://www.nowpublic.com/tech-biz/indymac-bank-customer-frustrated-52k-loss
Links to FDIC press releases that effect our deposit insurance:
Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor http://www.fdic.gov/news/news/press/2008/pr08093.html
FDIC Simplifies Coverage Rules for Revocable Trust Accounts http://www.fdic.gov/news/news/press/2008/pr08086.html
These rules need to be made retroactive to when this crisis began and lawmakers agree that Indymac was the first major bank to fail due to our current economic crisis. TARP (Troubled Asset Relief Program) funds could also be used to purchase "toxic" mortgages from failed Indymac Bank which would provide the FDIC enough money to return to the depositors.
Letter to Sheila C. Bair
Recent letter sent to Sheila Bair. We all need to contribute to this blog and share our stories.
December 15, 2008
Ms. Sheila C. Bair
Chairman of the FDIC
Federal Deposit Insurance Corporation
550 17th St. NW MB-6028
Washington, DC 20429
Dear Ms. Sheila Bair:
I am one of the many depositors that were fraudulently induced to exceed FDIC deposit insurance limits at failed Indymac Bank. I had two CD’s with the bank and I was assured that my accounts were properly insured by representatives at Indymac. Per the advice of Indymac Bank one account was held as an individual insured by the FDIC for 100k and the other account was held as a trust account with two beneficiaries (ITF’s) and insured by the FDIC for 200k. I have been informed by the FDIC that one of my beneficiaries on my account is not “qualified” and I have uninsured losses that exceeds $105,000.00.
On Friday August 8, 2008 I spoke with a Mr. Michael D. Geske at the FDIC he went over my accounts and made a deposit insurance determination that I had a grand total of deposit insurance of $300,000.00 and the total of uninsured funds of $5,798.17. Mr. Geske also stated that I would receive a corrected receivership certificate in the mail and the balance of my insured funds. Copy of the email sent by Mr. Geske at the FDIC confirming the conversation is attached. As of this date I have received neither a corrected receivership certificate nor the balance of my insured funds.
I have contacted numerous agencies including the Office of the Ombudsman at the FDIC and my local Congressman’s Office and have not had a satisfactory resolution to this matter. I am currently working with Senator Bill Nelson and Senator Mel Martinez in my state to help resolve this matter. I am writing to request formal assistance from Ms. Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation.
I am requesting that the FDIC insure my account balances for the $300,000.00 that I was assured by Indymac Bank as well as by Mr. Michael D. Geske at the FDIC. Effective September 26, 2008 the FDIC modified the rules for revocable trust accounts regarding the concept of “qualifying” beneficiaries and will insure virtually any beneficiary listed on an account. Effective October 3, 2008 with the passage of the Emergency Economic Stabilization Act, insurance limits were increased to $250,000.00 in an attempt to instill public confidence in the banking system.
The Federal government and lawmakers have acknowledged the fact that Indymac Bank was one of the first banks to fail due to our current economic crisis. I firmly believe based on the size and scope of such a large publicized bank failure such as Indymac Bank that lawmakers should have made these changes retroactive to when this crisis initially began. I hope that lawmakers can go back and correct this situation and do what is right for the American people who have lost so much at Indymac Bank.
I would greatly appreciate your assistance in regards to this matter. If you need any additional information or I can be of any further assistance please do not hesitate to contact me at the address above or call me at (Deleted) or (Deleted)
December 15, 2008
Ms. Sheila C. Bair
Chairman of the FDIC
Federal Deposit Insurance Corporation
550 17th St. NW MB-6028
Washington, DC 20429
Dear Ms. Sheila Bair:
I am one of the many depositors that were fraudulently induced to exceed FDIC deposit insurance limits at failed Indymac Bank. I had two CD’s with the bank and I was assured that my accounts were properly insured by representatives at Indymac. Per the advice of Indymac Bank one account was held as an individual insured by the FDIC for 100k and the other account was held as a trust account with two beneficiaries (ITF’s) and insured by the FDIC for 200k. I have been informed by the FDIC that one of my beneficiaries on my account is not “qualified” and I have uninsured losses that exceeds $105,000.00.
On Friday August 8, 2008 I spoke with a Mr. Michael D. Geske at the FDIC he went over my accounts and made a deposit insurance determination that I had a grand total of deposit insurance of $300,000.00 and the total of uninsured funds of $5,798.17. Mr. Geske also stated that I would receive a corrected receivership certificate in the mail and the balance of my insured funds. Copy of the email sent by Mr. Geske at the FDIC confirming the conversation is attached. As of this date I have received neither a corrected receivership certificate nor the balance of my insured funds.
I have contacted numerous agencies including the Office of the Ombudsman at the FDIC and my local Congressman’s Office and have not had a satisfactory resolution to this matter. I am currently working with Senator Bill Nelson and Senator Mel Martinez in my state to help resolve this matter. I am writing to request formal assistance from Ms. Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation.
I am requesting that the FDIC insure my account balances for the $300,000.00 that I was assured by Indymac Bank as well as by Mr. Michael D. Geske at the FDIC. Effective September 26, 2008 the FDIC modified the rules for revocable trust accounts regarding the concept of “qualifying” beneficiaries and will insure virtually any beneficiary listed on an account. Effective October 3, 2008 with the passage of the Emergency Economic Stabilization Act, insurance limits were increased to $250,000.00 in an attempt to instill public confidence in the banking system.
The Federal government and lawmakers have acknowledged the fact that Indymac Bank was one of the first banks to fail due to our current economic crisis. I firmly believe based on the size and scope of such a large publicized bank failure such as Indymac Bank that lawmakers should have made these changes retroactive to when this crisis initially began. I hope that lawmakers can go back and correct this situation and do what is right for the American people who have lost so much at Indymac Bank.
I would greatly appreciate your assistance in regards to this matter. If you need any additional information or I can be of any further assistance please do not hesitate to contact me at the address above or call me at (Deleted) or (Deleted)
Tuesday, December 16, 2008
So many Stories
This writer wants to thank all of those who have emailed their Indymac stories so far. Each case is so similar. Professionals, hard working citizens of society, embarrassed to have "let this happen to me".
Soon, we will be posting some of this information with permission from those who submitted their documents. Some letters will leave the writer's name out, some will include name and phone number.
If you have not written letters to media, made phone calls, documented all of your details, contacted members of U.S. Congress, now is the time to start. We shall compile a list of interested media entities for each of you to contact, as well as post ideas for your letters, and places to write in case you are out of ideas.
Many we have spoken with are in favor of sending a group letter to members of congress, media, and visiting en mass to Senators' offices etc. Soon a proposed letter will be posted on this blog site. Any person interested in becoming a part of sending this letter is welcome. Please contact indymacdepositors@gmail.com if you have not already done so. Be well, Lisa
Soon, we will be posting some of this information with permission from those who submitted their documents. Some letters will leave the writer's name out, some will include name and phone number.
If you have not written letters to media, made phone calls, documented all of your details, contacted members of U.S. Congress, now is the time to start. We shall compile a list of interested media entities for each of you to contact, as well as post ideas for your letters, and places to write in case you are out of ideas.
Many we have spoken with are in favor of sending a group letter to members of congress, media, and visiting en mass to Senators' offices etc. Soon a proposed letter will be posted on this blog site. Any person interested in becoming a part of sending this letter is welcome. Please contact indymacdepositors@gmail.com if you have not already done so. Be well, Lisa
Sunday, December 14, 2008
Elizabeth's letter
Hello -
My name is Elizabeth and I am so glad that I have found people that I can address issues with and potentially discuss alternatives to assist with our situations. Here's my story:
I had just sold a ton of company options and lost over $168K in the bank foreclosure that has not been reimbursed to date. I sold my company options is hopes of diversifying my portfolio and put the money into my money market account at Indy Mac until I could find some other investments (it was only in my account for two months). I had over $450K in my bank account and then they bank filed bankruptcy. I got a portion back - but the $168K is still in question.
It is beyond me that the FDIC can take your money over night and then never communicate the status of what is going on. I have contacted the FDIC multiple times with no success. I called them repeatedly for two weeks straight - every day leaving a message and no one would call me back. I finally received a call back - but there only response was that they had no information and that I would have to wait. I asked how long and they said that they have no idea.
I can't believe that the government operates this way. I am very concerned with what the government is doing now with all the bailout money which the public once again will have to fund.
I have already been hit so hard with this financial challenge. I saved my whole life for this and now it has been taken from me in 24 hours. I sacrificed through my life and never spent money beyond my means. But due to others' over zealous spending patterns, I am feeling the pain. This is teaching me not to save and to spend everything I can and then the government will take the money from others to pay for my mistakes... is that what our society really wants to teach people?
On a side note ... I have also been trying to determine from a tax perspective - how this "loss" will be handled. Due to the fact that I sold company options - I am being taxed at my ordinary income tax rate which is 35% for the money and now I don't even have the money. Per the IRS publications - I will only be able to write off up to $20K against ordinary income (subject to some other limitations) or write the loss off against capital gains - which I have none since the stock market has taken a turn for the worse. \
Any information that you can provide on this Indy Mac situation is GREATLY appreciated since the government gives "NONE". Please let me know if I can be of any assistance.
Best regards -
Elizabeth Pelzl
832-771-1947
My name is Elizabeth and I am so glad that I have found people that I can address issues with and potentially discuss alternatives to assist with our situations. Here's my story:
I had just sold a ton of company options and lost over $168K in the bank foreclosure that has not been reimbursed to date. I sold my company options is hopes of diversifying my portfolio and put the money into my money market account at Indy Mac until I could find some other investments (it was only in my account for two months). I had over $450K in my bank account and then they bank filed bankruptcy. I got a portion back - but the $168K is still in question.
It is beyond me that the FDIC can take your money over night and then never communicate the status of what is going on. I have contacted the FDIC multiple times with no success. I called them repeatedly for two weeks straight - every day leaving a message and no one would call me back. I finally received a call back - but there only response was that they had no information and that I would have to wait. I asked how long and they said that they have no idea.
I can't believe that the government operates this way. I am very concerned with what the government is doing now with all the bailout money which the public once again will have to fund.
I have already been hit so hard with this financial challenge. I saved my whole life for this and now it has been taken from me in 24 hours. I sacrificed through my life and never spent money beyond my means. But due to others' over zealous spending patterns, I am feeling the pain. This is teaching me not to save and to spend everything I can and then the government will take the money from others to pay for my mistakes... is that what our society really wants to teach people?
On a side note ... I have also been trying to determine from a tax perspective - how this "loss" will be handled. Due to the fact that I sold company options - I am being taxed at my ordinary income tax rate which is 35% for the money and now I don't even have the money. Per the IRS publications - I will only be able to write off up to $20K against ordinary income (subject to some other limitations) or write the loss off against capital gains - which I have none since the stock market has taken a turn for the worse. \
Any information that you can provide on this Indy Mac situation is GREATLY appreciated since the government gives "NONE". Please let me know if I can be of any assistance.
Best regards -
Elizabeth Pelzl
832-771-1947
Schumer's Stands - Interactive Graphic - NYTimes.com
Please read and respond to the NY Times article in todays paper regarding Charles Schumer. Click the link below to read the article and the link below that to respond to the NY Times.
Schumer's Stands - Interactive Graphic - NYTimes.com
Respond to NY Times
Schumer's Stands - Interactive Graphic - NYTimes.com
Respond to NY Times
Help us Tell our Story
Do you want to blog your thoughts?
Send an email requesting blogging access and we will set up as a guest blogger so that you can add your story and experiencs to the site.
indymacdepositors@gmail.com
Send an email requesting blogging access and we will set up as a guest blogger so that you can add your story and experiencs to the site.
indymacdepositors@gmail.com
Saturday, December 13, 2008
Email us your stories
We are happy that you have made it here.
Please email us your thoughts and stories so that we can share. Please include whether we can publish your thoughts on the blog. Also, we are compiling a list of depositors so that we can keep in touch, please email us with you name and email address if you would like to be included. We will not publish this list, so your privacy is insured.
indymacdepositors@gmail.com
Lisa
Please email us your thoughts and stories so that we can share. Please include whether we can publish your thoughts on the blog. Also, we are compiling a list of depositors so that we can keep in touch, please email us with you name and email address if you would like to be included. We will not publish this list, so your privacy is insured.
indymacdepositors@gmail.com
Lisa
Friday, December 12, 2008
FDIC: Mission IndyMac
If there is anyone who has received a reply from the FDIC, please let lisa or myself know.
If you have any of the following experiences, we would like to know:
1. correspondence from a member of Congress including Barney Frank, Chris Dodd, Chuck Schumer, Henry Waxman, Dianne Feinstein, Barbara Boxer, Adam Schiff, Jane Harman, Barbara Lee?
2. documentation from IndyMac or the FDIC regarding information that was provided to you regarding the set up of your accounts
3. any record of your communications with the FDIC?
4. have you been contacted by any member of the media?
thanks,
fran quittel
If you have any of the following experiences, we would like to know:
1. correspondence from a member of Congress including Barney Frank, Chris Dodd, Chuck Schumer, Henry Waxman, Dianne Feinstein, Barbara Boxer, Adam Schiff, Jane Harman, Barbara Lee?
2. documentation from IndyMac or the FDIC regarding information that was provided to you regarding the set up of your accounts
3. any record of your communications with the FDIC?
4. have you been contacted by any member of the media?
thanks,
fran quittel
Thursday, December 11, 2008
Article on TheStreet.com
Hey everyone.....check out today's article at TheStreet.com talking about the IndyMac failure and what we have been going through.
Click here to view the story.
Click here to view the story.
Welcome
Welcome to our blog on the Indy Mac debacle. On these pages, I and others who lost deposits due to IndyMac's failure will detail our stories and share with eveyone our quest to regain our losses.
Please come back often to check on our progress.
Cheers
Lisa
Please come back often to check on our progress.
Cheers
Lisa
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