RIP Indymac
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Exactly five months ago -- on Feb. 12 -- Indymac (IMB) sent this letter to its investors, which it also filed as an 8K. The 8-page letter was unusually frank, with Chairman and CEO Michael Perry stating "2007 was a terrible year for our industry, for Indymac and for you, our owners." Six weeks later, in the proxy statement, Perry included another letter to investors that said that Indymac "will be a survivor and will emerge as a stronger competitor than ever once the housing and mortgage markets do recover".

Not exactly, as we learned yesterday when federal regulators seized the bank, which the WSJ called the third largest bank failure in U.S. history and the LA Times described as the second biggest. (Anyone know which paper is correct?) Just days ago, in this 8K, Perry asked to have his salary cut by 50%. Now, of course, he's presumably out of a job.

Go to rest of item from footnoted.orghere

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