The World


1 | California Anatomy of a Bank Run The fall of IndyMac, the second largest financial institution in U.S. history to collapse, alarmed depositors and caused a run on the bank akin to the savings and loan crisis of the 1980s. How the panic spread:

JUNE 26 IndyMac stock dips below $1; Senator Charles Schumer warns of a possible collapse

JUNE 27-JULY 7 Worried customers withdraw a total of $730 million

JULY 7 IndyMac lays off 53% of its workforce

JULY 8 The bank blames mass withdrawals on Schumer's statement

JULY 11 IndyMac closes main branch at 3 p.m. and tapes...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!