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Feds cite Schumer in collapse of IndyMac | L.A. Land | Los Angeles Times (http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html - broken link)
Quote:
"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 Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.
Can we not agree that the real enemies of the US are the dems/libs?
Feds cite Schumer in collapse of IndyMac | L.A. Land | Los Angeles Times (http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html - broken link)
Can we not agree that the real enemies of the US are the dems/libs?
What an irresponsible thing this moron did.
heh...quite a few news outlets are reporting the same thing. looks like schumer f*cked up a bit opening his mouth and siding with the Center for Responsible Lending ( a leftist organization)
[SIZE=3]"The Center for Responsible Lending issued an attack on Indymac within a few days of Schumerʼs letter. CRL is part of a small army of left of center ʽresearchʼ groups, community organizers, and public interest law firms who make their living accusing home lenders of racial redlining and predatory lending. On June 20th the Center accused Indymac of unfair practices regarding minority borrowers.[/SIZE]
[SIZE=3]"A suspicious person might think that a network of lefty attack groups proficient in bank bashing and frequently funded by trial lawyers and short-sellers, coordinated their activities with a law firm on the hunt and a Senator who works closely with the network. "[/SIZE]
Fundamentally sound banks don't just fail because someone says something bad about them. You'd need an underlying web of uncertainty and pre-existing doubts about a bank's solvency in order for that to happen.
Fundamentally sound banks don't just fail because someone says something bad about them. You'd need an underlying web of uncertainty and pre-existing doubts about a bank's solvency in order for that to happen.
true, but all banks are on uncertain gound right now....they just don't advertise it.
however, when schumer drew attention to the one bank, everything changes and people get concerned.
Schumer had a role in this, but it was a role as to timing. As it turned out, IndyMac was a fundamentally unsound bank. Schumer was correct when he doubted the bank's viability; the bank wasn't actually viable. He may have been uncouth in pointing this out, but facts are facts. It seems to me that people are trying to scream at Schumer for pointing out the Emperor's nudity. That dodges the real issues, which are fairly serious and bleak at this point when it comes to the financial practices of American banks.
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