To say IndyMac CEO Michael Perry is in a tough spot is an understatement. He might be on a mission impossible.
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Consider just a few of the recent headlines about his California-based company, caught in the mortgage meltdown:
“IndyMac Begins Dismantling Business”
“Analysts have zero hopes for IndyMac”
“IndyMac Bancorp shares dip; analyst sets $0 target”
Tom Petruno, a blogger for the Los Angeles Times, does find one saving grace. IndyMac is offering a yield “bonanza” on CDs as it tries to hang onto deposits.
This week, IndyMac said it was cutting its work force in half as it tries to salvage itself.
IndyMac started doing business in 1985 as a unit of Countrywide Financial, which was recently purchased by Bank of America. Former Countrywide CEO Angelo Mozilo recruited Perry to head IndyMac and said Perry was “like my son.”
As the mortgage mess initially unfolded, IndyMac tried to build market share by expanding while others in the troubled industry shrank. But that strategy failed.
Through the past difficult year, the company’s board of directors has remained stable. Most of the directors of IndyMac Bancorp, including former pro football quarterback Pat Haden, are also directors of its banking unit, IndyMac Bank.