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Private Equity Company Set to Buy Seized IndyMac Bank [Goldman Sachs alert]
AP via The San Jose Mercury News ^
| 2008-12-26
Posted on 12/26/2008 8:23:01 PM PST by rabscuttle385
A private equity company led by former Goldman Sachs executives is the likely buyer of IndyMac Bank, according to a report published Friday.
The winner of the bidding for the Pasadena-based thrift is New York-based Dune Capital Management, founded in 2004 by ex-Goldman partners Steven Mnuchin and Daniel Niedich, according to the report on the Mortgage Lender Implode-O-Meter Web site.
(Excerpt) Read more at mercurynews.com ...
TOPICS: Business/Economy; Government; News/Current Events; US: California
KEYWORDS: bailout; bailoutnation; bank; bankfailure; banking; banks; ca; chuckschumer; economy; fdic; financialcrisis; goldmansachs; govwatch; imb; indymac; indymacbank; ots; panicof2008; recession; schumer
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To: PAR35; TigerLikesRooster; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...
*Ping!*
2
posted on
12/26/2008 8:24:14 PM PST
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
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The Money, Banking, and Financial Markets Ping List. "The business of America is business."
—Calvin Coolidge FR Keywords: moneylist, bankinglist, financelist Please tag all relevant threads with the aforementioned keywords. This can be a very high-volume ping list at times. Ping list jointly pinged by rabscuttle385 and TigerLikesRooster. To join the ping list:
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3
posted on
12/26/2008 8:25:06 PM PST
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: rabscuttle385
Implode-O-Meter it has a ring to it.
To: rabscuttle385
So a Private Equity Company got the bail-out funds. Is there a Pelosi or Schumer in charge?
5
posted on
12/26/2008 8:32:22 PM PST
by
eyedigress
(All I want for Christmas is a nice blue barrel rifle.)
To: eyedigress
I am just amazed too. A private firm (ex Goldman Sachs employees) receives TARP money to buy from the Feds?
Sounds like Paulson (ex Goldman Sachs head) has a racket going.
To: Orange1998
Sounds like a safe haven for the aristocrats. I swear this is quite a pipe-dream.
7
posted on
12/26/2008 8:52:41 PM PST
by
eyedigress
(All I want for Christmas is a nice blue barrel rifle.)
To: eyedigress
First comes to mind.... The Fox is guarding the Hen House.
To: Orange1998
Find out who that Private Firm is and invest all the way.
9
posted on
12/26/2008 8:59:23 PM PST
by
eyedigress
(All I want for Christmas is a nice blue barrel rifle.)
To: Orange1998
First comes to mind.... The Fox is guarding the Hen House. That's the definition of any politician around anyone else's money.
To: eyedigress
To: eyedigress
Can you say George Soros.
To: Orange1998
Maybe he has a new enemy with Hollyweird, Palm Beach and Buffet.
13
posted on
12/26/2008 9:31:43 PM PST
by
eyedigress
(All I want for Christmas is a nice blue barrel rifle.)
To: eyedigress; Orange1998
The article doesn’t say anything about Dune Capital getting TARP money to make the acquisition.
It does state that “In principle this means the firm could qualify for TARP funds.” I didn’t see anything that indicates Dune Capital is or isn’t going to apply for TARP funds.
14
posted on
12/27/2008 4:54:19 AM PST
by
javachip
To: rabscuttle385
Goldman Sacs went from an Investment bank that to a public commercial bank, overnight on a Sunday. As a investment bank it would not of been able to get TARP funds.
It’s nice to have friends in Washington.
15
posted on
12/27/2008 5:02:34 AM PST
by
Leisler
To: eyedigress
Gee, I would sure like to see the emails on this deal. I am particularly curious about the communications with government honchos and current & former head-dogs at Goldman Sachs. This has a smell....
16
posted on
12/27/2008 6:07:30 AM PST
by
pointsal
To: rabscuttle385
Ah yes, crony capitalism at its best.
17
posted on
12/27/2008 8:57:25 AM PST
by
zeugma
(Will it be nukes or aliens? Time will tell.)
To: Prokopton; rabscuttle385; All
That's the definition of any politician around anyone else's money.Good post in a thread of good posts. BTTT!
18
posted on
12/27/2008 9:01:16 AM PST
by
PGalt
To: javachip
Anyone who thinks they will not get TARP funds now or in the future is naive. You have Soros and Goldman Sachs relations (both sides of the deal) working the deal, it does not pass the smell test.
To: eyedigress
So a Private Equity Company got the bail-out funds. No. They are buying a bank that failed and, as a result, is currently the property of the FDIC. No one got bailed out in the case of IndyMac. The depositors got their deposits back, but that's because they were insured with the FDIC and they, like every other depositor, paid for that insurance.
Going forward, IndyMac could qualify for TARP money, but the fund that owns them cannot.
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