Big-mouth liberal starts run on bank--and it fails! - Page 2 - Mercedes-Benz Forum

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post #11 of 16 (permalink) Old 07-13-2008, 11:33 PM
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Indymac was on the way anyways but a senator
has no business picking on one bank among many.

Originally Posted by Jayhawk View Post
Feds cite Schumer in collapse of IndyMac

"An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.

Here's from the press release issued by IndyMac's regulator, the Office of Thrift Supervision: "The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts..."

Feds cite Schumer in collapse of IndyMac | L.A. Land | Los Angeles Times
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post #12 of 16 (permalink) Old 07-14-2008, 12:48 AM
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IndyMac to reopen; deposits 'strong and safe,' FDIC says

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post #13 of 16 (permalink) Old 08-21-2008, 08:18 AM Thread Starter
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California to probe Sen. Schumer over bank run?

WASHINGTON (Reuters) - California's attorney general is reviewing a request by former employees of IndyMac Bancorp Inc to investigate whether a New York senator triggered the bank's collapse by releasing confidential information.

At issue is a much-publicized letter that Chuck Schumer, a Democrat, sent in June to the Federal Deposit Insurance Corp (FDIC) and Office of Thrift Supervision (OTS) questioning the company's ability to survive.

The FDIC took control of IndyMac on July 11 after depositors withdrew more than $1.3 billion over 11 days. It was the third-largest bank failure in U.S. history. At the time, OTS Director John Reich blamed Schumer's letter for causing the run on the bank.

In a letter to Attorney General Jerry Brown last week, 51 former IndyMac workers wrote: "From the day (Schumer's) letter was made public on June 26 until the closure of the bank, a run on the bank took place and the failure became inevitable."

Brown's spokeswoman Christine Gasparac said on Wednesday that his office was reviewing the letter and that a decision on whether to act on it could be made as early as next week.

IndyMac is based in Pasadena, California...

California mulls probing senator over IndyMac crash | Politics | Reuters

Don't believe everything you think
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post #14 of 16 (permalink) Old 08-21-2008, 08:40 AM
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What a waste of time.

WikiAnswers - What is congressional immunity


Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #15 of 16 (permalink) Old 08-21-2008, 08:50 AM
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Is Schumer up for election this November? Is his seat considered a lock for him or is it contestable?
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post #16 of 16 (permalink) Old 08-21-2008, 08:54 AM
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Good question
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