BUSINESS
02/07/2009 05:12 am ET | Updated May 25, 2011

Daniel Gross: FDIC Sold IndyMac Too Soon - For Too Little

The Federal Deposit Insurance Corp. on Monday agreed to sell IndyMac, a failed bank it took over last July, to a group of sharp Wall Street operators. They're paying about $15 billion, leaving the FDIC with a loss of about $9 billion on the bank. The government will probably be glad to get rid of IndyMac after just eight months, as it would like to unload all the other failed companies and bad assets the Treasury Department and Federal Reserve has amassed. But there's reason to think they should wait awhile before selling.

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