Posted on 03/09/2009 4:26:58 PM PDT by Thebaddog
WASHINGTON (Reuters) - California's attorney general is reviewing a request by former employees of IndyMac Bancorp Inc to investigate whether a New York senator triggered the bank's collapse by releasing confidential information.
At issue is a much-publicized letter that Chuck Schumer, a Democrat, sent in June to the Federal Deposit Insurance Corp (FDIC) and Office of Thrift Supervision (OTS) questioning the company's ability to survive.
The FDIC took control of IndyMac on July 11 after depositors withdrew more than $1.3 billion over 11 days. It was the third-largest bank failure in U.S. history. At the time, OTS Director John Reich blamed Schumer's letter for causing the run on the bank.
In a letter to Attorney General Jerry Brown last week, 51 former IndyMac workers wrote: "From the day (Schumer's) letter was made public on June 26 until the closure of the bank, a run on the bank took place and the failure became inevitable."
Brown's spokeswoman Christine Gasparac said on Wednesday that his office was reviewing the letter and that a decision on whether to act on it could be made as early as next week.
(Excerpt) Read more at reuters.com ...
all politicians are crooks in my opinion.
About damned time! Need to look at Schumer, Dodd, Rangel, and Frank for starters.
It’s about time. This son of a bitch should have been hauled before a federal grand jury over this last year.
When bank stocks go south, short sellers profit. Who is the Democrats’ favorite short seller? Too complicated for the MSM to follow.
IndyMac did business with RNC and other GOP committees. Sounds like a typical political hit job by Schumer.
A democrat move to win the elections. A power grab of the most dangerous kind and now it has backfired Big Time.
Sort of like when Dodd said the “N” word ( nationalization) in front of a camera and BAC stock plunged to $2.53 for awhile until all the sub $3 limit orders got tripped.
Jerry ‘Moonbeam’ Brown investigate Chuck Schumer? It’ll never happen.
Is Jerry Brown populist enough to jump on this?
RICO, RICO, RICO.
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