Tuesday, July 14, 2009

Anniversary Protest/Demonstration July 13th 2009

Greetings to all!

On July 13, 2009, we as Indymac depositors marked the anniversary of being robbed right out of our bank accounts by demonstrating our frustration, anger (your word here)in front of the FDIC Western Headquarters at 40 Pacifica in Irvine, CA.

We still have no answers, but that we are supposed to be grateful to the FDIC for graciously giving us 50% of our deposits back, while mortgage holders get their loans restructured & GM gets bailed out of bankruptcy.

Since Congress passed the Stimulus package, which has not stimulated anything, except anger among those paying for it we have seen a further decline in consumer confidence, employment and the overall business climate is still very chilly. In this Stimulus package,a increased insurance amount of $250,000 passed 10 weeks after the FDIC took over Indymac. The increase was double and a half the old protection! Now it has been made permanent (You may search H.R. 786 for more on this). Built into this package is increases for inflation and a decrease in cost to the government over the next 10 years, to eventually show a surplus.

The FDIC shall be held accountable for not funding their insurance. We will continue to pursue this until we prevail, either by legislation, or in the court system. The FDIC is using our money to pay its attorneys to defend its position against us. What an ironic situation.

The FDIC can just enter a bank, own the accounts & give you what the erroneous bank records shows it should owe you, even if the bank made horrific mistakes in record keeping, and giving advice on structuring accounts for insurance protection.

I guess William Black's book entitled "The Best Way To Rob a Bank Is To Own One" kind of summarizes how I feel about the FDIC, for taking over a bank not on the wtch list, fire selling it & retaining some of the assets for itself.

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