U.S. seizes IndyMac as troubles spread

Those of you shorting the finance industry can do the happy dance now. My holdings in UltraShort S&P500 ProShares (SDS) will undoubtedly get a kick on Monday, too.

At the time of closing, IndyMac had about $1 billion of potentially uninsured deposits held by about 10,000 depositors. The FDIC said it would pay those depositors an advance dividend equal to 50 percent of the uninsured amount.

Ouch. Somebody got burned.

The next President is going to inherit quite a mess.


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