America's banking crisis reached new levels of hysteria yesterday as police ordered angry customers of IndyMac, a Californian bank on the brink of collapse, to remain calm or face arrest. Police waded in to quell unrest among anxious IndyMac depositors as they queued outside the bank's San Fernando Valley branch in a desperate attempt to withdraw their money. The scenes reflected the growing panic that Americans are feeling over the safety of their savings, as every day brings a further dose of dire news about the deepening housing slump and the worsening outlook for US financial industries. After the US Treasury moved at the weekend to throw an emergency $15 billion (£7.5 billion) funding lifeline to Fannie Mae and Freddie Mac, the stricken giants that underpin a vast slice of American mortgage lending, fears that the US economic turmoil is entering a dangerous new phase also spilled over into London's stock market, sending shares plunging again.
America's banking crisis reached new levels of hysteria yesterday as police ordered angry customers of IndyMac, a Californian bank on the brink of collapse, to remain calm or face arrest.
Police waded in to quell unrest among anxious IndyMac depositors as they queued outside the bank's San Fernando Valley branch in a desperate attempt to withdraw their money.
The scenes reflected the growing panic that Americans are feeling over the safety of their savings, as every day brings a further dose of dire news about the deepening housing slump and the worsening outlook for US financial industries.
After the US Treasury moved at the weekend to throw an emergency $15 billion (£7.5 billion) funding lifeline to Fannie Mae and Freddie Mac, the stricken giants that underpin a vast slice of American mortgage lending, fears that the US economic turmoil is entering a dangerous new phase also spilled over into London's stock market, sending shares plunging again.
http://www.cnn.com/2008/US/07/16/fbi.indymac/?iref=hpmostpop
