Tuesday, December 23, 2008

"Regulator"? How About Co-Conspirator?

One really good way to conspire is to "regulate" your co-conspirator.

A senior federal banking regulator has been removed from his job after government investigators concluded that he knowingly permitted IndyMac Bancorp to present a misleading picture of its financial health in a federal filing only months before the California thrift was seized by regulators.

The Office of Thrift Supervision removed Darrel Dochow as director of its western region,...

Dochow apparently allowed a pre-dating of a capital infusion to IndyMac, which in turn allowed IndyMac to continue soliciting "jumbo" CD's required to support its loan position.

Turns out that this jackass should know about shenanigans; he wrote the book 20 years ago:

In the late 1980s, Dochow had been the chief career supervisor of the savings-and-loan industry, and federal investigators later concluded he played a key role in the collapse of Charles Keating's Lincoln Savings and Loan by delaying and impeding proper oversight of that thrift's operations

So he was demoted and transferred, but "earned" promotions? After completely failing to supervise a banko S&L?

Get familiar with the name. It will be on his pension checks, drawn on YOUR account, for a number of years to come...

HT: Ticker

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