Indy Mac: 2nd largest US Bank Failure Ever

Below is a picture of what it looks like when the US government seizes control over a bank, and you want in. Indy Mac's 33 branches will be shuttered this weekend.

Like most levered business models, Indy Mac's didn't end well. An old fashioned run on the bank is now a real time reality.

This is going to cost the FDIC $8 billion in bailout capital, which represents approximately 15% of the Federal Deposit Insurance Agency's "insurance" buffer.

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Picture: Annie Wells / Los Angeles Times