One West Bank, newly chartered in early 2009, is the banking industry’s biggest success story. At a time when many banks are failing or struggling with nonperforming loans and slow growth, One West has earned almost $2 billion in profits for its founders by acquiring three failed banks, including giant IndyMac Bank which failed in […]
Regulators Were Blind To Risk In Biggest U.S. Banking Failure
September 29, 2009 By Leave a Comment
The most expensive banking failure in U.S. history was the closure of IndyMac Bank in July 2008. The original estimated loss to the FDIC of $8.9 billion has recently been increased to $10.7 billion or 33% of IndyMac’s assets at the time of closure. The story of how IndyMac Bank was allowed by regulators […]