While the United states Armed Forces (private mercenaries) are stationed at 737 bases, in 130 nations around the world, defending “all freedom-loving people everywhere in the world,” the Federal Deposit Insurance Corporation seizes Independent National Mortgage (a.k.a. IndyMac) (commercial) Bank, after it became insolvent during a “bank run” (depositors pulling out their savings for fear of a cash shortage).  With 32,000,000,000 “dollars” in assets, Indy Mac’s collapse is the fourth largest bank failure and the second largest regulated thrift failure in the nation’s history.

       NOTES:

• The bankruptcy of IndyMac drained the FDIC’s “reserve fund” about 10%, down to 45,000,000,000 “dollars.”
• In truth the FDIC has no “reserve fund”: Insurance premiums paid by commercial banks are really an excise tax on the banking industry, as the banks have no choice but to pay them, and those payments go straight into the U.s. Treasury, which exchanges them for Treasury Bills.  The Treasury then uses the money to fund its myriad of unlawful spending programs.
• IndyMac was in much worse shape than its books indicated.  Darrel Dochow, Director the West Coast Region for the Office of Thrift Supervision, allowed the thrift to back date deposits falsely appearing to have more reserves unhand than it actually did.  Dochow was also the regulator who oversaw the Lincoln Savings and Loan scandal two decades previous.

       [added 7/12/2024] Thanks to Freedom’s Phoenix for this entry.