Monday, July 14, 2008

Bank Run on IndyMac

This blows my mind.

Bovenzi, who oversees bank receiverships for the Federal Deposit Insurance Corp, was not surprised to see hundreds of customers waiting outside the bank's Pasadena, California, headquarters Monday morning to withdraw their money, but predicted the anxiety would quickly abate.

"I think what people will see when they go in and get their money is that it's safe," Bovenzi said in an interview outside the newly renamed IndyMac Federal Bank. "There will be some lines until people see that."

Apparently these folks have never taken the time to read the "FDIC Insured" thing. This isn't 1930...not yet, at least. They really didn't need to forgo work to get their money because it was still going to be there after work, or tomorrow, or this weekend.

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