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IndyMac's Predecessors July 11, 2008
-------------------------------------------------------------------------------------------------------------------- This is an abbreviated sample of a comment posted for subscribers --------------------------------------------------------------------------------------------------------------------
Over the past few weeks, technology stocks have taken a clear leadership role. That's a positive thing, as stocks in general tend to do better when high-beta sectors like technology are doing better than more-defensive sectors.
Anyone visiting the most-influential news site in the world this evening has been grabbed by an astonishing headline:
Well, it may be astonishing to anyone not following the travails of the U.S. financial system over the past six months. IndyMac bank, one of the most well-known mortgage specialists in the country, was placed into federal hands this evening.
The firm will now take the inglorious honor of being the 2nd-largest bank failure in American history (depending on who's figures you're using).
It's still very early in the discovery process of what this may mean, but I thought it important to go back and look at the other largest and/or most-publicized failures in modern banking history.
The red arrows on the charts of the S&P 500 below show the date the firm was taken over by Federal authorities or declared officially insolvent. The dates can vary depending on the source, so I tried to use the best one as determined by the FDIC and records posted in the New York Times.
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