The guys who made the video that aired on February 8th describing the IndyMac/FDIC/One West deal have responded to the FDIC’s press release, and are standing by their story:

Apparently the FDIC doesn’t pay a penny to One West unless losses exceed $2.5 billion, but who knows if that’s possible, or how close they are to hitting that number.  There isn’t a smoking gun yet, and until CR lends some credibility to this story, it going to sound like a nothing-burger to me.

The worst thing that is going to happen is that one day it’ll slip out that the FDIC passed a few billion dollars to One West to honor the agreement, and there will be outrage for a day or two.

By then, we’ll be numb to it (if we’re not already?).

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