Soros To Buy IndyMac?
While many of us are repulsed by the prospect, there is an upside.
The FDIC has just announced that a consortium of private equity and hedge fund firms would be buying IndyMac. IndyMac was an independent “bridge bank” spun off of Countrywide Mortgage in the late 90s. IndyMac acted as a “bridge bank” to Fannie Mae and Freddie Mac.
George Soros is in on the deal to buy IndyMac from the FDIC. Soros has a long history of making loads of money by first creating a financial crisis and then stepping in to grab up the bargains. Perhaps the most famous example of this tactic is “Black Wednesday,” when Soros nearly sunk the entire economy of Great Britain through currency speculation.
So what is the upside?
As this deal materializes, we’ll revisit Chuck Schumer’s role in the IndyMac run that tripped off the national bank failures. We’ll also see George Soros dragged out of the shadows to become a household name, detailing with his status as the man who gave us Media Matters and the Center for American Progress.
This could derail the deal, but the secretive, slimy Soros may be no more.
