my "bank" was taken over this weekend...

[msongs]

Downey Savings, a small thrift with offices mostly in southern California, was taken over by US Bancorp at the behest of the feds. There will likely be no real changes noticeable to Downey customers beyond changing the names.

There were no penalties levied against top corporate management that drove Downey into the takeover and drove the stock price from $50 down to 5 CENTS effectively ruining the values of stock holder.

No penalties have been levied at middle management or branch management who participated in the aggressive strategy to push bogus loans that made high commissions for staff and have ruined home owners.

Recently Downey has been making customers pay for management failures by jacking up fees and charges.

With the takeover, the corporate pillaging of customers has now been rewarded at all levels while customers receive nothing but hope things will not get worse under new ownership. American citizens can only watch in horror as corporations and politicians steal huge amounts of money with impunity and no accountability whatsoever.

Msongs

[amdezurik]

1. wait for the tellers to be laid-off

and those exec's to get their bonuses and parachutes...

[louis-t]

2. My bank is laying off people.

Bank of America. Since last week, every time I go in there, there is a line of 15 people waiting. 2 tellers. At first I thought there was a run on that bank.

[FarCenter]

3. corporate pillaging of customers? It's the other way around.

The pillaging seems to have been done by the customers who got mortgages and other loans from Downey and aren't paying them back.

They had 10% "non-performing assets" earlier this year.