well, jorge is the banker here, so i defer to his expertise on all the technicalities.

but, if u look at it from a basic good common sense perspective, bank failure IS a very big deal and IS NOT a good thing. the gov't regulates and insure banks, because the economy cannot function efficiently without a sound banking/ financial system.

and, if you guys think that bank failures & FDIC takeover is not a big deal and something that can justifiably be blamed on the customers for or somehow rationalized away, then i really have nothing more to say on the subject. . .

it's true that the media dispenses tons of misinformation. but, what happened to good common sense?

 

P.S. despite all the discussion though... we kinda missed the entire point of my original question.

the media has been reporting that the reason IMB failed was due to too many bad loans in sub-prime mortgages and so forth. what i was wondering is, and what i was hoping to find out from jorge- since he's the insider- is whether this is true or not or what the real reason for the bank failure was.

is this info that u can share or is it not allowed to be disclosed?

 

We have free evening employee screenings for Dark Knight tonight & tomorrow at the WB lot. But, i don't think I'm going to go. From Beverly Hills going over to Burbank in traffic is a bit of a pain during rush hour.

i'm probably going to just take an extended lunch on Friday.

 

I Would Go!, Is It A Big Nice Theater?

 

it's on the burbank lot. but, it's like employees +1 per person i think. they don't make it easy for us. lol

 

A freind of mine has them for the Arclight but they are in the second row. (neck cramp). I am thinking about seeing the movie at the Edwards IMAX just down the freeway.

 

i can't wait to see the new star wars movie 8.15.2008. am definitely going to go see that opening day

 

From what I here on National Public Radio and read.
Originally Posted by Detrich
The bank's investment officers/ managers **** up, and then tell their customers- oops, sorry their savings is gone.

wrong AGAIN. The President of IMB is currently with the company. He has been retained by our new CEO which happens to be the COO of the FDIC. Do you think he'd be here if the OTS (Office of Thrift Supervision) suspected foul play?

Your statement is incorrect Jorge.

There is foul play. Giving loans to people who don't qualify and forging documents to state income.

You will see.

 

I could not filter through all the bullshit in this post so as such, I cannot respond.

 

^ i couldn't quite filter thru it either.

well, the good thing is that the FDIC is reportedly going to ensure the transition is sound and that the bank gets handed off/ sold properly to a private co. to continue business. hopefully, many jobs will be saved.

the entire economy is doing really bad right now.. manufacturing, travel, auto, entertainment, and financial. i never would've imagined that our company would get chopped up and diced the way we did- esp since we've been profitable and have had a good run of films. all the independent film divisions of new line and also WB have been shut down as well. and, that's really sad. i personally really like independent (art) films. and, it just goes to show u that corporate mentality right now is just to cut back on everything.

hopefully, things will improve after the election next year.

 

there were alot of banks giving loans to people
that could not afford them. don't blame the bank,
blame the agent that did all the paper work
to sneak them in. and also blame the home owner
that could not see anything but the great american
dream, which is getting into a dept they just could not pay.
people want to own home's so bad they will believe
anything they're told just to get it.

 

i pass up that chance afew years ago, the real estate agent
was trying to come up with all kind of ways for me
to buy a house.just because i had a little money saved,
well she thought that my money should be hers.
so she tried for five months to talk me into buying
a house i could not afford. if i had a second income
then no problem, but it was just me.
and all she saw was the money she would make
from the sale..

 

so don't blame the banks, blame greedy people
and stupid buyer's.
and remember the bank was stretched, but the senator
in new york is the one that really killed the bank.
1.3 billion dollars withdrawn in 11 days,
who could survive that. microsoft would fail with that
much money clearing out.

 

its a start, any one want to join in and sign the "keep the fireworks on the 4th petition for fontana.
http://www.petitiononline.com/fontana7/petition.html

 

I posted it here too.
http://www.topix.com/forum/city/fontana-ca

 

signed

 

So I have an appointment on Monday night to go sign the final paperwork.
I think I just bought a house

 

well, i don't completely disagree. but, honestly imo, the "drug dealer" is equally guilty as the "drug user." so, both the lenders and the buyers did things wrong and both are culpable. and, the "police" had their heads in the sand.

you didn't buy into the housing bubble, because you are (1) risk averse and (2) are more sensible than the rest of the population. although they are in the minority, there were also many home buyers who bought with little or no money down and then later converted their ARMS to fixed 30-years and are doing just fine. they built 20 to 30% or more equity in their homes overnight due to the rise in property values. and, in the good neighborhoods, those homes have held their values.

 

congratulations jake, when do you move?

 

^^^
Hopefully by next weekend.
It will take a few days for the paperwork to be recorded, then I get the keys. ( I already have the keys, but I will legally be allowed to have them.)

 

congrats jake.

take lots of pix for us.

 

forget the pic's i hear house
warming party written all over
this.

 

Is that what you tell your customers?

Or do you tell them its the devalution of the dollar. We had nothing to do with it.
we are completely innosent. It's Bush's fault.

OR

I sorry we lost your money because we invested into Electric and Hydrogen cars. For example: GM's EV and they are almost bankrupt now. We also tried investment into several Hrygen cars but the hydrogen gas stations never materialized.

I personally think you should blame it on Bush. Everything else is his fault. Then hand the customer a Obama for president sticker and the customer will think your a hero and jump up and down for joy.

By the way the next bank on the list is Washington Mutual. Their credit rating is junk bonds.

 

From Indy Mac?


Mu ha ha..................

 

Hey everyone just wanted to let you know that I am here in Okinawa deployed for 6 months to a year and the RX8s here are way faster then in the US I have a freind here who has one and he showed me the DYNO sheets to prove it. They are at least 80hp more then the ones back home. Also I just bought a Nissan Skyline to drive around in while I am here. I swear they are every where. And drifting is also legal here so guess I will be getting sideways alot. I will send or post pics on here as I get them. There are so many hot cars and girls out here. Well everyone again hello and yes this makes a 4th deployment for me in the time that I have been on here. See you guys when I get back.

Jordan