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July 12, 2008

Senator Schumer Causes Bank Failure

Simply irresponsible.

"The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositorsí 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 IndyMacís viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts."

Was the bank facing a liquidity crisis? Yes, it was. However, there were already regulatory efforts underway to solve those problems in a way that would not require a government takeover of the IndyMac. Schumer, whose self-serving publicity hounding is legendary, decided to go public with information that he knew or should have known would be detrimental to the process -- and now he arrogantly refuses to accept any blame for his own politically motivated actions that were the proximate cause of the institution's downfall -- and blames the regulatory process that he created in legislation that he largely wrote back in 1999.

H/T Patterico


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Comments on Senator Schumer Causes Bank Failure

Pleez. This is a ridiculous ploy by republicans to smear democrats. More politics and self serving bullcrap that keeps us in the toilet.

The bank was already insolvent.

No one else was saying it, but they should have been.

As these CEO's, talking heads and congressmen always do, they lie through either silence or just plain lie outright.

Schumer did the right thing. He called the bank insolvent and informed the public. Something that should have been done by the lenders own leadership when signs of trouble started.

But did they? Heck no. Liars all of them.

Thank you Schuner for being honest with the public. And I for one am smart enough not to rely on the spin of dopes like this.

I understand that the bank was already insolvent and all you did was say so. Big deal. Someone else should have had the honesty to do so long before.

Shumer did not cause the bank to collapse.

He just pointed it out. Dopes.

Why wasn't that letter sent to shareholders instead the criminals in congress? Hmmm I wonder? Well not really. They expected the good ole boy club to keep it quiet and help em out.

Idiots. Your dishonesty and treasonous actions are what is causing everyone to lose faith in everything America. Call a spade a spade. The bank was already insolvent. Schumer didn't cause it.

|| Posted by Chris, July 13, 2008 10:51 AM ||

The bank could have been saved. It was in the process of being saved. Schumer's actions made sure it could not be saved -- and cost the US taxpayer more money in both the long and short runs.

Sorry those facts are inconvenient to your argument -- but they are still facts.

|| Posted by Rhymes With Right, July 13, 2008 06:12 PM ||

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|| Posted by esfkxvrsul, October 20, 2008 11:14 AM ||
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