IndyMac Bank’s Sale May Be Announced Today

0

The Federal Deposit Insurance Corp. plans Friday to announce the sale of IndyMac Bank to at least five investors including J.C. Flowers & Co. and Paulson & Co., according to people familiar with the matter.

The FDIC has been searching for a buyer for the Pasadena-based company since a run on its deposits led to its collapse in July. IndyMac was the fourth-largest U.S. lender to fail last year and has been managed by the government.

The investor group includes firms run by J. Christopher Flowers, the former Goldman Sachs Group Inc. partner who specializes in financial investments, and hedge-fund manager John Paulson, whose bet against the U.S. housing market helped him earn an estimated $3.7 billion in 2007, said the people who declined to be identified because the transaction hasn’t yet been announced.


& #8226;

Read the full

Bloomberg New

story.

No posts to display