Angry IndyMac Customers Prompt Police Response in Los Angeles

[marmar]

from CBS11tv:



Angry IndyMac Customers Prompt Police Response



LOS ANGELES (AP) ― Like dozens of others waiting in line with her, Joan Rubin said she was drawn to IndyMac Bank by the high interest rates it paid and the friendly service her local branch provided.

All that was a memory on Tuesday, however, as Rubin and about 200 other anxious, embittered and sometimes angry customers swarmed an IndyMac bank branch in the San Fernando Valley, creating a Depression Era-like scene as they demanded their money just four days after the failing bank was seized by federal regulators.

"I've already lost three nights of sleep and three days of eating; now I'm done," Rubin, 52, said as she sat in a beach chair on the sidewalk in stifling heat. She planned to empty her account following the failure of the Pasadena-based bank, which has 33 branches, all in Southern California.

"It's a very sad day in America," Rubin said.

At one point police had to be called to the branch in the city's normally quiet Encino neighborhood. Tempers grew short when customers who had arrived before dawn accused others of cutting in line.

Some of the line jumpers had been turned away the day before but were given vouchers granting priority by bank employees.

Police quickly restored order without arrests, and as the day progressed people were divided into two lines that together stretched for nearly an entire block. People wanting to close accounts were let in, in groups of five. ......(more)

The complete piece is at: http://cbs11tv.com/national/fed.seizes.indymac.2.771576.html

[LostInAnomie]

1. I wonder if the government is going to bail these people out too.

[Fed_Up_Grammy]

2. I'm lucky enough to have some money and smart enough to know

it's not FDIC insured above $100,000.00.

This has been well known,and well publicized, for years.

Never put all your eggs in one basket.

[truedelphi]

6. Most people these days are rather dumb

I have acquaintances who went from the "new economy" of the dot com era to the "new economy"
of the housing market.

Neer put all your eggs in one basket is like one of only four or five economic rules you need.

The others would be:
What goes up always comes down
Don't count yr chickens before they are hatched.
Buy low; sell high
If it sound to good to be true, it probably is.

[underseasurveyor]

3. The branch in the shopping area where I work

Yesterday the police and the local security company and the bank security were a heavy presence in the parking lot and directly in front of the building. And the line was a long one. I don't think there were any problems though.

[SoCalDem]

4. "If it seems to be too good to be true...".. comes to mind..

There's a REASON that "high interest" was being promoted..Pyramid schemes look great unless you get in too late..

[bluestateguy]

5. Typical

Police always stick their nose in things that are none of their business.

[Canuckistanian]

7. "George, I've never really seen one, but that's got all the earmarks of a run. ..."

Hey, everyone! Welcome to the 1930's!

For reference, please see "It's a Wonderful Life"

[gratuitous]

8. Just a bunch of whiners, right Phil Gramm?

Once the cops start gunning down citizens in the street, we'll get some law and order back, by golly. And there will be folks at DU applauding the blood in the gutters, because those malcontents will have gotten just what they had coming to them.