The Daily Gotham

economic collapse

It Begins: My Brother Witnessed a Run on a Bank

Got a message from my brother. He saw the run on the IndyMac Bank in Duarte, California.

Let me introduce this with dueling headlines. From the Pasadena Star-News:

IndyMac appears close to collapse: US regulators may not be ready to protect bank

And from the LA Times:

IndyMac denies that it's close to collapse: "Depositors have been pulling money from the Pasadena-based thrift, whose share price is down 90% this year."

Today, my brother saw a crowd at the Duarte IndyMac Bank desperately trying to get their savings out. Many elderly people were claiming that they are being offered dollar for dollar on the first $100,000...after that only fifty cents on the dollar.

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It Begins: My Brother Witnessed a Run on a Bank

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