Ex-IndyMac Employees Demand INVESTIGATE SCHUMER !
Chuck Schumer is an embarrassment. I am embarrassed that he is my senator; I am embarrassed that he is a public American figure; I am embarrassed that he is a public Jewish figure…every time I see him on TV and he starts to open his mouth I cringe. The man does not care about the United States he is 100% partisan.
Remember IndyMac? Schumer CAUSED A FREAKING RUN ON THE BANK. He destroyed jobs, and cost people personal hardship, not to mention the fact that the FDIC has to put out lots of cash to restore some of the accounts.
This is how the Wall Street Journal described Schumer’s involvement in the fall of the bank.:
The Office of Thrift Supervision (OTS), whose job it actually was to regulate IndyMac, took a different view. “The immediate cause of the closing,” the OTS wrote in a press release, “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 OTS added: “In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.”
Mr. Schumer now argues that OTS was asleep at the switch, and that blaming him is like blaming “the fire on the guy who called 911.” In fact, it’s blaming the guy who poured on the gasoline. Very few banks, if any, would remain standing for long in the current tense financial environment after a Senator, in effect, told its depositors to run for the exits. In the 1930s, such tipsters were derided as rumormongers and often faced indictment for encouraging depositors to stampede banks.
Only last week, the Securities and Exchange Commission announced an investigation into the role of rumor-peddlers in the run on Bear Stearns. We somehow doubt that Mr. Schumer will receive similar SEC scrutiny for his very similar role in bringing about a liquidity crisis at IndyMac. But he may be more deserving.
Schumer may not get off totally unscathed, in California Former IndyMac employees are demandi