California-based IndyMac Bank goes bust ...

As an offshoot of Countrywide, it comes as no surprise.

There will be more.

pearl harbor bombed

I work in the Training/Learning and Development field...I couldn't understand why less than 6 months ago Indymac was aggressively advertising to hire trainers during a crisis which would surely challenge their chances of survival. It seems to me that management was underestimating their odds, and was instead directing resources in the wrong direction. The positions advertised seemed to indicate business as ususal rather than a shift in direction- which is the reason why this bust doesn't surprise me.

lipmixgirl- "It seems to me that management was underestimating their odds"

I agree. I have heard people saying that, wall Street underestimated the risk. This couldn't be further from the truth. They new exactly what they were doing. They were getting rich off of it and the ones charged with watching the shop let them get away with it. It was a PYRAMID SCHEME.

This in not the first bank and will not be the last. Everyday I watch one CEO after another paraded in on CNBC and given a forum to blatantly lie to their shareholder's. The most recent was the CEO of General Motors. He said they "Believes" they have enough money. Really, you believe. That's great. You are the head of largest auto maker in the world and the best you can say is you "Believe". He should be removed immediately. Is this a guess or fact? Or perhaps something more like a well orchestrated statement by your Attorney to protect yourself from the truth. I'm sure of one thing, you sir "believe" the rest of us are just stupid. Give me break. People watch the statements of those "incharge" they indicate a much larger problem.

"most recent was the CEO of General Motors."

Rick Wagoner is an A Hole. And just like the great president ever (George W. Bush) whose oil company went bankrupt, he graduated from Harvard Business!

You would think that it would be impossible for an oil company to go bankrupt, but it is possible when the CEO is George W. Bush!