I have never called for the impeachment of anyone, until now. It seems fairly clear that the $1.3 Billion Dollar run on IndyMac Bank is due to none other than Charles Schumer. According to the L.A. Times, Sen. Chuck wrote a letter questioning IndyMac’s viability. Within 11 days of the letter, there was a run on the bank.
This institution failed today due to a liquidity crisis,” OTS Director John Reich said. “Although this institution was already in distress, I am troubled by any interference in the regulatory process.”
Schumer’s response? In an e-mail quoted by Bloomberg News, he says: “If OTS had done its job as regulator and not let IndyMac’s poor and loose lending practices continue, we wouldn’t be where we are today … Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs.
But that ain’t all folks. Apparently, Kudlow & Co. on CNBC is hinting that Sen. Schumer is alleged to have coordinated this attack.
Why? Why would a federal official with enormous power, destroy an institution on which tens of thousands of depositors (not all of whom are insured) and employees depend? Why would a New York Senator attack a Pasadena bank, acting as some sort of amateur, self-appointed, long-distance bank examiner?
Perhaps this might help answer the question: Indymac has been under attack from the hard left. The Center for Responsible Lending issued an attack on Indymac within a few days of Schumer’s letter. CRL is part of a small army of left of center ‘research’ 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.
Meanwhile, Reuters noted that after IndyMac Bank became IndyMac Federal Bank, hundreds of depositors lined up to withdraw their money. One of many scary pictures from Reuters (click on the picture for the slide show):
Schumer’s attack (along with his leftist buddies) on IndyMac is made even more egregious when one considers the potentiality that analysts believe another 150 banks may go belly up next year.
Way to go Chuck! You rock! My silver supply just got more valuable! Seriously, what do we do with this man who doesn’t even apologize? His response shows that he knew what he was doing and he isn’t sorry. Impeach this scumbag for conduct unbecoming of a Senator. He knew what he was doing and federal regulators have blamed him for the run on IndyMac. Descend, descend Chuck. And tell those little old ladies who are having a heart attack with worry that you’re sorry.
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Thousands of people were put out of a job because of the run caused by Charles Schumer’s reckless mouth. Thousands more paid CD penalties because they bought into his hysteria (rather than recognizing that their funds were insured). Evidently this was the “prescriptive measure” Schumer had in mind. Like the OTS said, we’ll never know if IndyMac Bank would have survived or failed, absent the panic caused by Schumer. But at least the employees would’ve enjoyed months (or years) more employment and health insurance coverage, shareholders might have held out some hope of eventual recovery, and the customers who pulled their CDs prematurely would’ve been spared the penalty consequences of overreaction. Some public servant, that guy.