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Response to sandensea (Reply #10)

Thu Jan 23, 2020, 09:30 PM

24. Exactly.

WSJ:

On a muggy morning in July 2008, hundreds of customers stood outside IndyMac Bank branches in Southern California, trying to pull their savings from the lender, which was doomed by losses on risky mortgages.

Steven Mnuchin didnít know much about IndyMac as he watched the scenes on CNBC from his Midtown Manhattan office. But he immediately saw an opportunity and began figuring out how to buy the bank.

Regulators seized IndyMac, foreshadowing a vicious banking crisis. Six months later, Mr. Mnuchin and his investment partners acquired IndyMac with a helping hand from the U.S. government. The deal eventually earned him hundreds of millions of dollars in personal profits.

Continues...

https://www.wsj.com/articles/steven-mnuchins-defining-moment-seizing-opportunity-from-the-financial-crisis-1480547063

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