Censure Schumer for Causing IndyMac Failure
Democrat Sen. Charles E. Schumer publicly taunted bank regulators last week about IndyMac Bancorp's financial condition, which helped trigger a sudden outflow of deposits from the Pasadena thrift, which now has become the second-biggest federally insured financial company to be seized by U.S. regulators.
Schumer sent letters to the Office of Thrift Supervision, the Federal Deposit Insurance Corp. and the Federal Home Loan Bank of San Francisco, saying he was "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers."
The Federal Deposit Insurance Corp. will run a successor institution, IndyMac Federal Bank FSB, starting next week, the Office of Thrift Supervision said in an e-mail message yesterday. The regulator blamed Schumer for creating a "liquidity crisis" after a letter on June 26, in which he expressed concern that the bank may fail.
The regulators' message, according to the latimesblogs.latimes.com, was an ignored: "Zip it, Chuck."
Now, it is up to Congress to tell Schumer to shut up.
Feds cite Schumer in collapse of IndyMac
UPDATE: According to the Los Angeles Times, federal regulators pointedly cited Schumer in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.
Schumer sent letters to the Office of Thrift Supervision, the Federal Deposit Insurance Corp. and the Federal Home Loan Bank of San Francisco, saying he was "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers."
The Federal Deposit Insurance Corp. will run a successor institution, IndyMac Federal Bank FSB, starting next week, the Office of Thrift Supervision said in an e-mail message yesterday. The regulator blamed Schumer for creating a "liquidity crisis" after a letter on June 26, in which he expressed concern that the bank may fail.
The regulators' message, according to the latimesblogs.latimes.com, was an ignored: "Zip it, Chuck."
Now, it is up to Congress to tell Schumer to shut up.
Feds cite Schumer in collapse of IndyMac
UPDATE: According to the Los Angeles Times, federal regulators pointedly cited Schumer in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.
Labels: Politics
posted by the MoJo at 10:20 AM
1 Comments:
Actually, Schumer is nothing more than a political spitwad who is so bound up in the liberal narrative of defeat that he can't help himself.
When people think of Democrats they should think of all the failed programs since LBJ's time and ask themselves if that's what they really want more of.... it's NO Change we can believe in.
Oh, and the failed programs they blame on Republicans are all liberal programs that fail simply because they are wrong.
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