John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion

Forbes ^ | 7/22/14

[mgist]

John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion Comment Now Follow Comments A gang made up of some of Wall Street’s biggest names and formed by former Goldman Sachs partner Steve Mnuchin is set to realize a big score from the sale of OneWest Bank to CIT Group CIT +11.19% for $3.4 billion. Hedge fund billionaires John Paulson and George Soros were part of the group that together with buyout baron Christopher Flowers and billionaire Michael Dell bought the assets in 2009 of the former IndyMac, one of the nation’s largest bank failures ever, from the Federal Deposit Insurance Corporation, which had seized its assets. The group paid $1.55 billion for the bank in the teeth of the financial crisis. The deal to sell the bank to CIT Group was announced Tuesday. For Paulson, the gains from OneWest will be felt in his Recovery Fund, which holds Paulson’s stake in the Pasadena, Calif., lender. The bank has already paid its big-name backers $500 million in dividends. The deal is truly a legacy of the financial crisis. IndyMac was the second-biggest bank failure of the financial crisis and the FDIC agreed to share losses on a portfolio of loans. Mnuchin’s group was the only bidder for IndyMac’s assets and the FDIC was desperately trying to recapitalize the crumbling banking sector. Paulson had made his name betting against mortgage securities in the months leading up to the financial crisis…. With $23 billion assets, OneWest currently operates 73 bank branches in southern California.

[mgist]

Soros was handed over IndyMac by the Fed in a private sale, in addition to being given a bunch of Tarp money that last I checked was never repaid. IndyMac turned into OneWest.

[SeekAndFind]

re: John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion

That’s probably worth more than the real West Bank :)

[ColdOne]

Is John any kin the Henry?

[Praxeologue]

Is John any kin the Henry?

They are not related.

[mgist]

http://projects.propublica.org/bailout/entities/741-onewest-bank

Yup, They are reported to have only recieved $358 of allocated $1.84B Tarp Bailout
Aug. 28, 2009 Incentive Payments for Home Loan Modification

$358M has actually been disbursed.
May 31, 2014: $358M is till owed.

http://www.breitbart.com/Big-Government/2010/04/22/IndyMac-Attack—Did-Schumer—Paulson—Soros—and-the-CRL-Kill-the-Bank-and-Profit-From-Its-Collapse

“Whether or not Schumer and the CRL orchestrated the bank run, within 11 days of Schumer’s revelations, depositors withdrew more than $1.3 billion from IndyMac. A bank that at its peak in March of 2008 had held $32 billion in assets was sold to Paulson and Soros’ holding company for $13.9 billion in a deal that closed in March of 2009. Created out of IndyMac’s remains was OneWest Bank. “

So NY Schumer blamed Cali IndyMac for the Housing Crisis, creating a Bank Run. IndyMac ended up with$32Billion is assets, when it was sold to Soros and friends.

As with everything that happens with Obama, the scams usually have a preamble Dog and Pony Show.

[mgist]

http://www.americanthinker.com/blog/2009/01/look_whos_buying_indymac.html
January 3, 2009

The FDIC has just announced that a consortium of private equity and hedge fund firms would be buying IndyMac. IndyMac was an independent “bridge bank” spun off of Countrywide Mortgage in the late 90s. IndyMac acted as a “bridge bank” to Fannie Mae and Freddie Mac.

New York Democrat Charles Shumer precipitated the fall of IndyMac in May of 2008 by releasing “inside” information that the mortgage company was in dire financial straits. This disclosure created the initial “bank run” that is credited by many economists as the initial trigger that prompted the current mortgage crisis. The FDIC took over the operations of IndyMac in late summer of 2008.

So much for history. George Soros is in on the deal to buy IndyMac from the FDIC. Soros has a long history of making loads of money by first creating a financial crisis and then stepping in to grab up the bargains. Perhaps the most famous example of this tactic is “Black Wednesday,” when Soros nearly sunk the entire economy of Great Britain through currency speculation.

George Soros has helped bankroll the campaigns of the Democrats in Congress who created this mess. Now, it appears, he is cashing in on his investment.

[Cletus.D.Yokel]

Dang Lutherans!
They have no concept of sentences, paragraphs or even concept breaks. Semi-colons are the bane of mankind!

Pat, can I buy a paragraph break for 250?

[Red Badger]

John, Paul and George? Where’s Ringo?.....................

[ColdOne]

thanks just checking.

[Pagey]

BTTT!

[WashingtonSource]

Bump

[AllAmericanGirl44]

bfl

[piasa]

Trump Names Former Goldman Partner, Soros Money Manager As Finance Chairman
Daily Caller ^ | 11:38 AM 05/05/2016 | Alex Pappas http://freerepublic.com/focus/f-news/3427812/posts