Regulators to IndyMac: No Need to Keep Accurate Books
A regulator at the laid-back Office of Thrift Supervision has been demoted for allowing the bank IndyMac to misstate its books. Newspapers today flag a Treasury report (PDF) detailing how Darrel Dochow, OTS's top West Coast official, let the bank "bless a fiction" about its financial health (as one source told the Washington Post), possibly swelling the cost of its eventual failure.
Dochow told IndyMac it was OK to report that it had received an infusion of $18 million in March -- instead of two months later, when it … more…
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Kristin Jones has reported and produced stories on national and international politics for the investigative unit of ABC News, The Nation, The Wall Street Journal, the Albany Times-Union and the South China Morning Post. As the senior researcher on Asia for the Committee to Protect Journalists, she covered attacks on journalists from Afghanistan to the Pacific Islands, with a particular focus on China. She was a fellow in the Toni Stabile Center for Investigative Journalism at Columbia University, where she earned a master’s degree, and speaks Chinese and Spanish.
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