Some of Indymac's directors were allegedly involved in fraud, and had done significant damage to the bank's finances. Had there not been a run, there would have been an indictment of the suspected directors. Depending on the severity of the financial problem, it could have resulted in a hiccup wherein federal money or creative financing were used to correct the bank's course.
The lending practices of Indymac, especially subprime, were of concern as they are to the entire nation. Had there not been a run, it is likely that the bank would have had hard times. As to the severity of the financial trouble, I'm not entirely aware. Perhaps the bank was insolvent as a result of their lending. But that requires the assumption that all their assets are mark to market at current valuation, an assumption currently being challenged in the federal government. At the very, very least, the run on the bank exacerbated the problem, stripping the bank of any means of survival and causing collapse. The result is a higher amount of federal money being used to solve the problem.
Yes, more banks will require federal receivership or federal assistance before the year is out. No, this doesn't mean the end of the world is upon us. And fear-mongering will only make the problem worse.
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