RSS Feed
I warned you back on July 3rd, Democrat leadership: Not to be trusted with confidential information, and now it has become a reality:
In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said “the immediate cause” of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank’s solvency.
“Although this institution was already in distress, I am troubled by any interference in the regulatory process,” said OTS Director John Reich.
Mr. Schumer couldn’t be immediately reached for comment.
Be sure to thank Chuck when you have a chance.
UPDATED: Here is the idiots response :
At a news conference Sunday, the New York Democrat deflected blame cast upon him by regulators for causing a run on the bank that saw depositors withdraw more than $1.3 billion during the 11 days after Schumer released a letter about the possible risks of IndyMac failing.
“The regulator here was asleep at the switch,” Schumer said. “The administration is doing what they always do, blaming the fire on the person who called 9-1-1.”
Schumer noted his letter in late June provided “no new revelations” about IndyMac, and instead pointed out the bank’s problems had been building for years.
On Friday, the Office of Thrift Supervision transferred control of IndyMac to the Federal Deposit Insurance Corp. because it did not think the lender could meet its depositors’ demands.
IndyMac is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said after taking control of the bank.
As of March 31, IndyMac had $19.06 billion in total deposits.
Regulators pinned part of IndyMac’s recent problems on Schumer’s June 26 letter causing alarm with depositors, leading to the run on the bank that that essentially sapped it of the liquidity needed to continue functioning properly.
8 Responses to “UPDATED WITH THE IDIOTS RESPONSE……Thank Chuck Schumer For The IndyMac Collapse”
TrackBack URL
In the movie “Sneakers” Ben Kingsley and Robert Redford talk about causing banks to fail by releasing information that claimed they were failing. Fact following fiction is the best I can say. It’s amazing how rumor has no effect when some people start them, but even factual information is supposed to be suppressed when it hurts the same people. How else do you justify the Dems pushing for censorship aka the “fairness doctrine.”
RESIGN Schumer, you filthy degenerate! If the voters of NY don’t turn this cancer out of office at the next opportunity there may be no hope. What does it take?
Of course if Kalifornia voters don’t turn out Feinstein and Boxer I will also lose hope.
WHAT does it take for people to wake up and see not only incompetency but the damage these cretins are doing?
I’m curious about this. If he had access to private/confidential information that he shouldn’t have disclosed, there’d be a big case of idiocy. If he did it as part of his oversight duty, it may fall more into his pervue. Then I’ll ding him with more of the S & L mess then he’d gotten credit for before.
NY-David
David, Schumer has consistently let out information that he shouldn’t have. Many of the Democrats in Congress and the Senate have. Patrick Leahy was kicked off of the Senate select committee on Intelligence for leaking intelligence to the press. Schumer should NOT have released any information about the financial state of ANY specific bank. If he isn’t bright enough to know that to do so would cause a run on the bank and make it’s precarious position worse, he’s not smart enough to be in the Senate and needs to be voted out.
One question for the Uber Pro Democrat Union members. What are you going to do when your beloved Democrats cause half of the major corporations in this country to pack up shop and go completely offshore to avoid stifling taxes or go out of business taking all of the union jobs they have been providing as well as the bulk of the value of the stocks that fund your pension plans with them? How are you going to pay your mortgages and feed your families when the plants you work for close their doors over taxes imposed on them by the Democrats? Vote for more Democrats and more unemployment and poverty?
I’m stealing the line but it’s worth sharing:
CHUCK SCHUMER IS THE GLORIA ALLRED OF THE SENATE
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
[…] UPDATED WITH THE IDIOTS RESPONSE……Thank Chuck Schumer For The IndyMac Collapse […]
» Democrat leadership: Not to be trusted with confidential information
» “reprehensible”
» Schumer Seeks Motive in U.S. Spy Probe
» The 35W Bridge Collapse
» FBI Investigating IndyMac For Possible Fraud
» Suddenly, George Bush’s interest in Mukasey appears to have left a bad taste in Schumer’s mouth
» General Casey To Teddy: Democrats who cut the military’s budget in the 1990s have put the Army in the state that it’s in..
» Dem Chair Dean To Take Out Loan For Senate Races
» Here Come The Chickenhawks As Kerry can just look on…….
» This isn’t good Chuck!
<< Take Me Back Home!