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OI Technical Staff : 7/12/2008 9:59:59 PM

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Linda Piazza : 7/12/2008 2:13:05 PM

Well, we know now why the TED spread, a measure of default risk, was rising, and it wasn't because financials were about to report. Since the close, news of the second largest bank failure in U.S. history has surfaced. IndyMac Bancorp, out of Pasadena, CA, has been seized by the FDIC and will reopen Monday as IndyMac Federal Bank. The FDIC will of course honor insured accounts up to $100,000 per depositor. IndyMac had assets of $32.01 billion as of the end of March, but there had been a run on the bank in recent days after a New York Senator Charles Schumer's June 26 letter to OTS and FDIC referencing the bank was made public.

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