IndyMac Sale Near: Deal To Sell Failed Bank To Private Equity Firms

New York Times:

IndyMac Bancorp, one of the largest banks to fail as a result of the subprime mortgage crisis, is close to being sold to a consortium of private equity and hedge fund firms in a complex deal partly financed by the federal government, people involved in the deal said.

The Federal Deposit Insurance Corporation, along with a team of former Lehman Brothers bankers who are now with Deutsche Bank and Barclays Capital, has been engaged in the sale process since federal regulators declared IndyMac insolvent in July and seized the company.

The deal is in the final stages of negotiations, which are private, and could be announced as early as Monday, these people said, though they cautioned that the talks could still fall apart.

If a deal is reached, it would still need approval from the federal Office of Thrift Supervision before it can be completed.

Read the whole story: New York Times

Comments

[bluguy8]

their looking to steal our money--thats the only reason they want this bank

[nomoredead]

Christopher Flowers, John Paulsen and the chairmen of Dune Capitol...­..now why would these Hedge Fund guys want an ' Indy Mac ' if it wasn't to try and get some of that 700 billion.

[ErnestineBass]

BINGO!

Same reason GM and Cerberus wanted the Fed to grant banking status to GMAC.

These greedy bas tards are looking to latch onto the gubmint teet.

[JScott]

Better not change my fixed rate mortgage, I pay on time, don't f**k me over IMB.

[nomoredead]

' Partly financed by the federal government. ' then get a couple of billion in bailout money.....­..what a racket. We are watching the biggest heist in history. And I don't mean Bernie's.

[bluguy8]

so they should give back whatever money they took