Last days at IndyMac

Ex-CEO Michael Perry gets put under the microscope by the Business Journal. Generally well-regarded within the financial community - even in the final days before the government takeover - Perry is given only mixed reviews among the folks interviewed (the nastier stuff was pretty much off the record). There's not much question that IndyMac underlings were pushing to complete as many loans as possible, even the less advisable ones (a study by the Center for Responsible Lending lays out the details). What's still debated is how much of a direct role Perry might have had in creating the Wild West atmosphere that pervaded not just IndyMac but the other lending institutions. No wonder he declined comment on advice of lawyers.

Perry, still baby-faced at 45, was a polarizing leader. More than a few employees were put off by his frankness, but many said they liked his hands-on style. Perry’s fingerprints were all over IndyMac, all the way down to a multipart, SAT-style test that employees had to pass before being hired. He personally responded to customer complaints and tried to build a rapport with even low-level employees.

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Perry’s strong personality, however, created a schism in the company. A number of employees, including some senior managers, left because they could not get along with Perry. “Mike was basically a bully,” said a former IndyMac manager who requested anonymity because he maintains professional relationships with former IndyMac executives. “He was conceited and cocky to a point that he had no interest in learning from people who had much more experience than him.”