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.

Poll: Democrat Run Congress Approval Falls to Single Digits for First Time Ever

The percentage of voters who give Congress good or excellent ratings has fallen to single digits for the first time in Rasmussen Reports tracking history.

This month, just 9% say Congress is doing a good or excellent job. Most voters (52%) say Congress is doing a poor job, which ties the record high in that category.

Read it.