IndyMac Hospitalized By Feds!

The Feds have grabbed IndyMac by the collar, tossed him into the ambulance; he was wandering about with his head not on straight, and hemorrhaging.

They are taking him to Fed Hospital where they will put him in critical care at high cost, injecting a possible $4 to 8 billion of treatment.

In the process the Feds will give him a new identity, IndyMac Fed, and they expect him to be on his feet on Monday in time to pay off most of the people whose money he lost.

However, his unsecured credit card debt will go unpaid.

Says AP:

IndyMac Bank's assets were seized by federal regulators on Friday ... IndyMac customers with funds in the bank were limited to taking out money via automated teller machines over the weekend, debit card transactions or checks... Other bank services, such as online banking and phone banking were scheduled to be made available on Monday... FDIC Chairman Sheila C. Bair said the agency would cover all insured deposits and then try to recover its costs by selling IndyMac's assets..."We anticipate trying to market the institution as a whole bank," Bair said....Holders of unsecured IndyMac debt may not fully recover their investment, Bair said.