Man vs. Markets: Economics Explained (Plain and Simple) by Paddy Hirsch
Author:Paddy Hirsch [Hirsch, Paddy]
Language: eng
Format: mobi
Publisher: HarperCollins
Published: 2012-08-27T14:00:00+00:00
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A MODERN-DAY BANK RUN
Those who thought the computer age had put an end to old-style bank runs were given a rude awakening on June 27, 2008.
Customers of the Southern California lender IndyMac began lining up outside the bank to withdraw their money. Many were spooked by rumors of a letter written by Senator Chuck Schumer (D- NY) warning that IndyMac would be left vulnerable if large numbers of depositors withdrew their cash.
Depositors took out $730 million online and in person over the following week. The bank’s stock plunged to near zero. IndyMac was so weakened that it was forced to lay off more than half its staff. On July 11 the government stepped in and took IndyMac over.
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