Friday, July 11, 2008

IndyMac Bank Siezed By The Feds

From the the Los Angeles Times...

The federal government said it took control of troubled IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history.

The Office of Thrift Supervision in Washington, the chief regulator of Pasadena-based IndyMac, said it transferred control of the $32-billion bank to the Federal Deposit Insurance Corp.
As I wrote earlier this week, I was lucky to get out of IndyMac with the exceptional severance package that I did, well over half a year's pay and six months of paid COBRA medical. The people laid off earlier this week got 30 to 60 days severance.

Some of the bosses at IndyMac were real jokes, but for the most part I loved working on the construction lending software there and I like most of the people I interacted with. Most, but not all of them, got out well before now. The few that were there at the beginning of this week were just too damn loyal for their own good.

I first started working at IndyMac when it was called Countrywide Conduit and had 80 employees total. I was the first contract programmer they hired and spent, off and on, 11 years there. Kind of a sad day for me. Oh, and I need to transfer my direct deposit out of the free employee account they let us all keep after we were laid off.

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