The press release that was issued by IndyMac's regulator, the Office of Thrift Supervision, said the "immediate cause" of the collapse of IndyMac was none other than the Democratic Senator from New York.
The press release said the following: "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 SCHUMERE. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.
Monday, July 14, 2008
Feds Say Sen. Chuck Schumer "Immediate Cause" Of Indymac Collapse
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2 comments:
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
Thanks so much for your extra information. Keep reading and keep posting!!
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