American Elephants


Feds Blame Schumer for Indymac Failure by American Elephant

Rick Moran at American Thinker has the story:

This may be a first in the history of the United States Senate. Federal regulators have cited New York Senator Charles Schumer as the proximate cause for the run on mortgage giant Indymac’s deposits. That run caused the feds to take over the ailing institution to guarantee its remaining deposits. [read more]

Will there be any accountability?

The Wall Street Journal has more on Schumer’s connection to the bank’s failure.

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5 Comments so far
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becuase of Shumers wreckless words people will suffer. Those with multiple accounts under $100,000 are probably screwed. During the S & L mess I had a friend with three accounts each under $100,000 that totaled $230,000. She was reimbursed a total of $100,000. Those at the S & L assured her all the money was insured. There was another S & L across the street. She lobbied Congress to no avail.

Comment by John back pain Austin

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

Comment by jessi smith

Thats horrible John, I had always thought each account was insured as well!

And yes, Jessi, there was no good reason for Schumer to release that letter publicly. The man should step down, but you know he wont.

Comment by American Elephant

Schumer is head of the Senate campaign committee, and in that role has been vigorously trying to “talk the economy down”. At every possible occasion, there he is, telling us how terrible the American economy is, and getting worse. If he can just convince the American people that we are in decline, maybe the Democrats can win the election. Putting your politics before your country is sad.

Comment by The Elephant's Child

I’m a Republican, yet there are many Democrat elected officials who I respect….Sen. Schumer is not one of them. Whether or not his letter really did cause the run on Indymac, its clear that it COULD have. For all we know the bank might have gone under anyway…but it certainly didn’t need his “help”.

Lets also not forget his staff illegally obtaining the credit report of Michael Steele in the last election.

Comment by The Gentle Cricket




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