Democrat leadership: Not to be trusted with confidential information
It’s not just industry types who are shocked atChuck Schumer’s (D-Blabbermouth) lack of discretion. The Money and Co. blog at the LA Times notes:
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.”
IndyMac, which has suffered huge losses on defaulted mortgage loans, “could face a failure if prescriptive measures are not taken quickly,” Schumer wrote.
Uh, wait a minute ” how could Schumer know that? And since when are regulators supposed to tell the public in advance that a particular institution has been earmarked for failure? All that would do is guarantee a collapse. If depositors are within FDIC insurance limits they have nothing to worry about, anyway:
:John D. Hawke, the U.S. comptroller of the currency (regulator of national banks) from 1998 to 2004, had more pointed words for Schumer in a story in the American Banker newspaper today.
“If Schumer continues to go public with letters raising questions about the condition of individual institutions, he will cause havoc in the banking system,” Hawke said.
“Leaking his IndyMac letter to the press was reckless and grossly irresponsible. I don’t see how he can be trusted with confidential information in the future. What this incredibly stupid conduct does is put at risk the willingness of regulators to share any information with the [congressional] oversight committees. After this, you’d be crazy to share information with Schumer.”
July 3, 2008 - 09:57 PM on July 3rd, 2008
Democrat Leadership cannot be trusted with anything . . .
period.
July 3, 2008 - 10:37 PM on July 3rd, 2008
This reminds me when Oliver North was called to testify about Iran-Contra. When asked why he withheld information from Congress, his response was that some of them can’t be trusted.
He was so right…
July 4, 2008 - 12:38 AM on July 4th, 2008
This is nothing new. Thomas Jefferson claimed that it was impossible to trust Congress with confidential information because some members would leak it for personal and political gain. Shall we look at the recent list of leakers?
Patrick Leahy, senator Democrat Vermont. Removed from Senate select committee on intelligence for leaking information to press.
John Rockefeller, Senator Democrat West Virginia, Leaked information about intelligence gathering to press, also made unofficial trip to middle east warning of pending Iraq invasion.
Chuckie Shumer, Senator Democrat New York, See above leak
That’s just the top three that I can think of off the top of my head. There are two things to notice about these three. They’re all senators and all Democrats.
July 13, 2008 - 04:13 PM on July 13th, 2008
[...] warned you back on July 3rd, Democrat leadership: Not to be trusted with confidential information, and now it has become a [...]