The Indymac Slap in our Face

[davelj]

FYI, a snippet from today’s research note from KBW (a boutique financial institutions-specific investment banking firm):

[from the third paragraph: “…most of the criticism in the YouTube video is not fully informed on the specifics of the transaction and we are surprised that the FDIC felt compelled to respond to misinformed criticism outside the mainstream media.”]

“After a rapid beginning to the year, the FDIC has slowed the pace of bank failures to a trickle in the last two weeks, with only one $18 million asset bank failure. This compares to seven bank failures in the same two weeks one year ago (three in the week preceding the Super Bowl and four in the week preceding the President’s holiday weekend); and follows a torrid pace in January with 15 bank failures, double the pace of last year.

There appear to be two possible explanations for this slowdown: snowstorms in Washington DC in recent weeks or political pressure to slow the pace of failures. There is at least some indication of political pressure slowing the pace of failures as the FDIC took the unusual step of responding to a YouTube video critical of its transactions with OneWest Bank. A slowdown in the pace of failure has implications for share prices, in our view, as the share prices and valuation of banks that we believe will benefit from rolling up failed institutions have been strong. If the FDIC retrenches and reevaluates its sale process, we would expect those share prices could fall back and begin underperforming in the near term. Nevertheless, sooner or later the pace of bank failures will accelerate, in our view, allowing ample opportunities for outperformance by this group of banks.

The FDIC apparently felt compelled to respond to a YouTube video that criticized its sale of Indymac to OneWest Bank. The link to the YouTube video is: http://www.youtube.com/watch?v=sBLwLIPvcJU; and the link to FDIC’s response is: http://www.fdic.gov/news/news/press/2010/onewest_lossshare.html. This is unusual, in our view, as most of the criticism in the YouTube video is not fully informed on the specifics of the transaction and we are surprised that the FDIC felt compelled to respond to misinformed criticism outside the mainstream media. We believe that the need to respond was likely political as the video may well have made its way to a Congressional representative and back to the FDIC. We expect that the FDIC may be sensitive to this criticism of the Indymac sale as it did make an additional sale of a failed institution to OneWest Bank in December. We do note that the makers of the video did amend the video subsequent to the FDIC response.”

[GovernmentSachs]

Who gives a shit if Arraya is right on all the little details or not? We need to keep all the pressure we can on the government so that they don’t continue to give away the store to all the criminal bankers out there.

I personally could give a rat’s if Arraya or Zero Hedge or anyone that criticizes banks is ‘right’. Banks have done their best to destroy civilized society with massive amounts of intentional fraud for the last 30 years. We need people like Arraya and Zero Hedge to continue to put pressure on the banksters and the government.

The point is to keep pressure on the banksters and the government. If that Youtube video turns out to be 100% wrong, I could care less so long as it incited more people to email and call their representatives and let them know that they better stick it to the banks any way they can or risk getting voted out of office.

And it’s too bad about the bombing of the JP Morgan office in Greece today. It’s really the people at the top (Blankfein, Jamie Dimon) who deserve retribution.

[GovernmentSachs]

Who gives a shit if Arraya is right on all the little details or not? We need to keep all the pressure we can on the government so that they don’t continue to give away the store to all the criminal bankers out there.

I personally could give a rat’s if Arraya or Zero Hedge or anyone that criticizes banks is ‘right’. Banks have done their best to destroy civilized society with massive amounts of intentional fraud for the last 30 years. We need people like Arraya and Zero Hedge to continue to put pressure on the banksters and the government.

The point is to keep pressure on the banksters and the government. If that Youtube video turns out to be 100% wrong, I could care less so long as it incited more people to email and call their representatives and let them know that they better stick it to the banks any way they can or risk getting voted out of office.

And it’s too bad about the bombing of the JP Morgan office in Greece today. It’s really the people at the top (Blankfein, Jamie Dimon) who deserve retribution.

[GovernmentSachs]

Who gives a shit if Arraya is right on all the little details or not? We need to keep all the pressure we can on the government so that they don’t continue to give away the store to all the criminal bankers out there.

I personally could give a rat’s if Arraya or Zero Hedge or anyone that criticizes banks is ‘right’. Banks have done their best to destroy civilized society with massive amounts of intentional fraud for the last 30 years. We need people like Arraya and Zero Hedge to continue to put pressure on the banksters and the government.

The point is to keep pressure on the banksters and the government. If that Youtube video turns out to be 100% wrong, I could care less so long as it incited more people to email and call their representatives and let them know that they better stick it to the banks any way they can or risk getting voted out of office.

And it’s too bad about the bombing of the JP Morgan office in Greece today. It’s really the people at the top (Blankfein, Jamie Dimon) who deserve retribution.

[GovernmentSachs]

Who gives a shit if Arraya is right on all the little details or not? We need to keep all the pressure we can on the government so that they don’t continue to give away the store to all the criminal bankers out there.

I personally could give a rat’s if Arraya or Zero Hedge or anyone that criticizes banks is ‘right’. Banks have done their best to destroy civilized society with massive amounts of intentional fraud for the last 30 years. We need people like Arraya and Zero Hedge to continue to put pressure on the banksters and the government.

The point is to keep pressure on the banksters and the government. If that Youtube video turns out to be 100% wrong, I could care less so long as it incited more people to email and call their representatives and let them know that they better stick it to the banks any way they can or risk getting voted out of office.

And it’s too bad about the bombing of the JP Morgan office in Greece today. It’s really the people at the top (Blankfein, Jamie Dimon) who deserve retribution.

[GovernmentSachs]

Who gives a shit if Arraya is right on all the little details or not? We need to keep all the pressure we can on the government so that they don’t continue to give away the store to all the criminal bankers out there.

I personally could give a rat’s if Arraya or Zero Hedge or anyone that criticizes banks is ‘right’. Banks have done their best to destroy civilized society with massive amounts of intentional fraud for the last 30 years. We need people like Arraya and Zero Hedge to continue to put pressure on the banksters and the government.

The point is to keep pressure on the banksters and the government. If that Youtube video turns out to be 100% wrong, I could care less so long as it incited more people to email and call their representatives and let them know that they better stick it to the banks any way they can or risk getting voted out of office.

And it’s too bad about the bombing of the JP Morgan office in Greece today. It’s really the people at the top (Blankfein, Jamie Dimon) who deserve retribution.

[GovernmentSachs]

[quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.

[GovernmentSachs]

[quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.

[GovernmentSachs]

[quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.

[GovernmentSachs]

[quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.

[GovernmentSachs]

[quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.

[outtamojo]

[quote=GovernmentSachs][quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.[/quote]

http://piggington.com/beginning_with_hitler

[outtamojo]

[quote=GovernmentSachs][quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.[/quote]

http://piggington.com/beginning_with_hitler

[outtamojo]

[quote=GovernmentSachs][quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.[/quote]

http://piggington.com/beginning_with_hitler

[outtamojo]

[quote=GovernmentSachs][quote=davelj]
Here are my questions:
(1) Why do you care about how OneWest deals with their (deadbeat) borrowers (as you have nothing to do with either)?
(2) Why do you care about how an agreement between OneWest and the FDIC is administered (as you have nothing to do with either)?

Frankly, I don’t care if OneWest makes $10 billion or not one red cent. And if ANYONE should care, it should be me, as I’m actually in the banking industry! After all, it’s banks that I either have an ownership stake in or consult with that will be paying for the net losses here. And I simply don’t care because life is too short.[/quote]

If the FDIC is involved, every taxpayer should care about what’s going on as it’s a government corporation which is backed up by the taxpayer.

If banksters could actually do their jobs without looting the taxpayers at every turn, people wouldn’t give a shit about them. Unfortunately, criminal banksters make it a habit to steal from the taxpayer at every opportunity.

The way I see it, banksters are experts at bankstering and Hitler was an expert at exterminating Jews. In both cases, it worked out best for society when outside parties got involved. The more heavy-handed the involvement, the better in my opinion.[/quote]

http://piggington.com/beginning_with_hitler

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