The formal prose favored by many in the business media often proves comically bland, but it can also sap meaning, making the most dire reality sound tame and run-of-the-mill.
Take the unmitigated disaster that is IndyMac (IMB Quote), which has obvious implications for Washington Mutual (WM Quote), Downey Financial (DSL Quote) and, to a less fatal extent, Bank of America (BAC Quote), through its dopey purchase of Countrywide Financial (CFC Quote).
The same rot that hit Countrywide has set in at IndyMac, only worse. The mortgage lender has stopped accepting new loan applications, cannot raise one thin dime of the capital it desperately needs, is seeing a run on its bank, and this week got dumped with a new Wall Street analyst price target of ... 0. As in zippo. Goose egg. The big nothing.
They Just Don't Get IndyMac! |
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