NOV 26, 2012

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The Return of IndyMac’s Mike Perry

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Mike Perry – the former CEO of now defunct alt-A giant IndyMac – was a guest speaker at the recent Garrett, McAuley & Co. annual client dinner in San Francisco. According to Joe Garrett’s company newsletter, Perry “gave a fascinating talk about what happened at Indy Mac. He took the helm when it was a REIT with three employees and a market cap of $65 million and built it into a market cap of almost $4 billion with 10,000 employees.”  (Eventually it converted into a savings and loan institution and used brokered deposits to fuel its growth.)  For those of you unfamiliar with IndyMac, the thrift was an alt-A giant that crashed and burned in 2008 and was taken over by the FDIC. In his newsletter Garrett forgot to mention one interesting fact about the company: it was originally the brain child of Countrywide founder Angelo Mozilo. Countrywide eventually spun off IndyMac into its own company. Perry recently agreed to settle the last remaining negligence claim against him by the Securities and Exchange Commission by paying an $80,000 fine.

 

 

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