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Bill Chuck Schumer!
Posted by: McQ on Saturday, July 12, 2008

IndyMac Bank's assets were seized by federal regulators when it was determined, Friday, that it could no longer meet depositor's demands.

Why were there such heavy depositor demands?

Because of an incompetent senator from NY - Chuck Schumer.

Schumer sent a letter on June 26th to several bank regulating agencies urging them to take steps to prevent IndyMac's collapse.

At that point, all's fine. But then Schumer published the letter.

Any guess as to what happened? In the 11 following days, depositors made a run on the bank and took out 1.3 billion.

That was the impetus for the federal takeover. Thanks to Schumer, IndyBank did collapse.

And Schumer? Well, of course, he just waves off any responsibility:
"If OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today ... Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs.''
Where we are today - because of Schumer's big mouth - is using an estimated 4 and 8 billion taxpayer dollars for the takeover.

What the Office of Thrift Supervision should do is send that bill to Chuck Schumer!
 
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Previous Comments to this Post 

Comments
As I said when that letter was released:

...one would almost think that what Schumer is about is eroding public confidence in the economy. Now why do you suppose he’d want to do that? Why would Schumer, a Democrat from as far to the left end of the scale as one might imagine, want to erode public economic confidence during a Republican administration, and during an election year?

Gee, I wonder.

Aside from the rather nasty implications of that, one also must wonder if Schumer profits from this in terms of stock holdings in IndyMac’s competition. But however that falls out, this was nothing but market manipulation from his government perch… along with the use of government provided insider information, for which Schumer should stand trial, and prison. And keep in mind, I live in New York State.

And now that the bank has failed at his hands, I’m convinced; Schumer should have his backside hauled up before a court of law on criminal charges, and serve jailtime for this.

Interestingly, the fed seems to agree, or so says Redstate; The Feds apparently have taken the unusual step of citing Schumer by name, as being the cause of the collapse.
 
Written By: Bithead
URL: http://bitsblog.florack.us

New York Times reported that hedge fund managers have a new champion in their effort to keep legally dodging the taxes the rest of us pay: none other than New York Senator Charles Schumer. Now you know who is Schumer’s friend and why he caused the bank run on Indymac. He truly support hedge fund and private equity because they truly support him.

http://www.nytimes.com/2007/07/30/washington/30schumer.html?_r=1&oref=slogin

"Large Investor decided to pay a few bucks to a Senator in New York to force the issue."(Prospect Mortgage Backed By Sterling Fund—Private Equity Acquired The Mortgage Branches from Indymac before FDIC takeover)
http://www.housingwire.com/2008/07/03/regulators-to-schumer-weve-got-a-whole-bag-of-shhh-with-your-name-on-it/

"And do remember that there are many investment bankers located in New York, making them pretty influential constituents of Sen. Schumer."
http://www.pasadenastarnews.com/opinions/ci_9783402

"In a Sunday news conference, he said everything in his letter was already known to the public."
If it was already known to the public, what is the reason for his public letter? It is contradict to what he said previouly :"I just bring private message to the public. Do not kill the messanger." What a great liar from time to time!
http://www.cnn.com/2008/POLITICS/07/13/indymac.schumer/?iref=mpstoryview
 
Written By: jackson hill
URL: http://
Thousands of people were put out of a job because of the run caused by Charles Schumer’s reckless mouth. Thousands more paid CD penalties because they bought into his hysteria (rather than recognizing that their funds were insured). Evidently this was the "prescriptive measure" Schumer had in mind. Like the OTS said, we’ll never know if IndyMac Bank would have survived or failed, absent the panic caused by Schumer. But at least the employees would’ve enjoyed months (or years) more employment and health insurance coverage, and the customers who pulled their CDs prematurely would’ve been spared the penalty consequences of overreaction. Some public servant, that guy.
 
Written By: FriedaChoose
URL: http://

 
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