IndyMac Bank shuts down - Second largest Bank Failure in US History
IndyMac Bank was shut down by FDIC( Federal Deposit Insurance Company ), the reason being that the bank was under capitalized. A letter written by Sentor Schumer saying the bank posed significant risks to taxpayers and borrowers got leaked and the result was that the IndyMac Customers withdrew $1.3 Billion from the bank after the [...]
