Posted on 07/11/2008 9:38:13 PM PDT by Bob Leibowitz
Reportedly the most dangerous place in Washington, DC is attempting to get between Senator Charles Schumer, the senior senator from New York, and a TV camera.
Today federal regulators directly blamed Sen. Schumer for causing the third largest bank failure in history, a disaster that is likely to cost American taxpayers as much as $8 billion.
Senator Schumer ten days ago wrote a letter to federal regulators that specifically named IndyMac, a $32 billion bank, as failing. Senator Schumer made the letter public, which caused a depsitor run on the bank.
According to John Reich, the Director of the Office of Thift Supervision, Mr. Schumer's public release of the letter "spooked" the bank's customers, giving the bank "a heart attack" that resulted in its failure.
In addition to the loss to taxpayers, approximately 10,000 IndyMac customers will lose at least a portion of their deposits with the bank.
No other senator has made public such a letter. This is a first.
Anything to destroy the economy, after all it is Bush’s fault and anything that might elect more Democrats is good no matter the cost to our Country.
I wonder if Schumer, or some of his connected buddies, sold IndyMac bank shares short before releasing this letter.
The entire money and banking system is based on people’s confidence that their money is secure. Even the strongest banks have only a small percentage of their deposits on hand in the form of cash or cash equivalents, to be paid that day to depositors who might want their money. Even the strongest banks can fail if there is a run on a bank. We don’t hear much about bank failures because they have been rare since the Depression, in part because of federal insurance.
The FDIC insurance is itself a layer of protection to make people confident that their money is safe, because the FDIC has only a small percentage of the funds that would be needed to pay off depositors if there were massive bank failures in this country.
Schumer should know, if he doesn’t already, that words have meaning, and actions have consequences. By publicizing his concerns in the manner that he did, he created a reaction to this public statement of doubt in the bank. They may have been able to ride out the storm otherwise.
Could the depositors file a class action suit against Chuckie?
dems_r_losers posted this in another thread
Chuck Schumer is Chairman of the Democratic Senatorial Campaign Committee. Take a look at some of the DSCC’s top donors so far :
Goldman Sachs $362,550
JPMorganChase $311,604
Morgan Stanley $169,450
Citigroup $146,250
.
.
IndyMac Bank $0
IndyMac does not even have a registered lobbyist in Washington, DC.
This stinks to high heaven, folks. Chuck Schumer has been shaking down all the big banks and investment banks for hundreds of thousands of dollars. It appears that IndyMac did not play along. So he shut it dowm.
... and I'd put a $1,000 down on D'Amato scoring a knock-out in the first round.
If true should be easy to check out. Might be a Godsend that get’s Chuckie away from the cameras and into a cell. Then maybe he can whine like he usually does when he has to dance with some nice,big man.
And they say it’s REPUBLICANS who are the people with money. Ha!
save
Where is that data from?
Schumer should be IN JAIL along with much of the leadership of the Demonrat party.
They wlil not stop until our economy and our nation are third world status or below - economically.
Why, I do believe, if one looks close, one can see a very slight bump in the front of his trousers. You don’t suppose? I think the girly man is aroused by his surroundings.
Schumor the tumor.
Today federal regulators directly blamed Sen. Schumer for causing the third largest bank failure in history, a disaster that is likely to cost American taxpayers as much as $8 billion.
Senator Schumer ten days ago wrote a letter to federal regulators that specifically named IndyMac, a $32 billion bank, as failing. Senator Schumer made the letter public, which caused a depsitor run on the bank.
- - - - - - - - - - - -
I first heard about this last night on the Mark Levin Show.
Chuckie "Schmuckie" Schumer should suffer the full brunt of his actions. What a full-fledged ar$e he is!
Schmucky Schumer will not be held responsible in any way. After all he is a Democrap.
Thanks, Chuckie
Oh, yeah. I forgot. :)
This needs to be on the FRONT PAGE.
Can somebody put it there so this gets more exposure?
Thanks!
Just don’t let it happen again : )
LOL!
heheheheee! :^D
What did Chuckie Schmucky know and when did he know it?
Throw him UNDER the jail.
Throw AWAY the key!
All I need to know about Chuck Schumer I learned here http://www.freerepublic.com/focus/f-news/1799489/posts
You can bet on it, and you can pretty much bet that Schumer shows one heck of a deposit for his account just before the letter was released. That move was worth Millions, surely some of it went to the "good" Senator.
It is for a very good reason a man will spend millions getting a job that pays in the hundred thousands.
The problem with the socialism that democrats peddle is that they all see themselves in the master class. After all, what good is a Utopia, without peons?
this is exactly what happened.
meanwhile, NYC infrastructure is falling into the ground and he and clinton, bloomberg, and the rest do nothing.
It's the plan, folks: crash the economy to elect a Democrat--not as though this is the first time we've seen it--
After all, they're Democrats--
And McCain wants to reach across the aisle--
They belong in Guantanamo for the duration.
In a place from which they can no longer damage national security.
dems_r_losers posted it in another thread - i thought it was important enough to repost it
Larry Kudlow has been railing about this all morning on his radio show on WABC. He’s really mad and upset.
I found some of that data on DSCC contributions at OpenSecrets:
http://www.opensecrets.org/parties/contrib.php?cmte=DSCC&cycle=2008
I have been looking for the full donor list. Please let me know if you find it.
Not likely. Not much to be made. IndyMac was trading at $1.18/share when the letter came out.
I think Chuckie feels "comfortable" in the neighborhood.... Posting HTML This forum allows optional use of most HTML tags. If your post does not contain HTML, it will be converted to HTML when posted, retaining paragraphs as typed. This conversion is not performed if you have anything resembling an HTML tag in your text.
I think Chuckie feels "comfortable" in the neighborhood....
^ bump
Chuckie probably didn't help matters any, but its a bit of a stretch to say he caused the collapse. Looks like IndyMac was failing just fine on their own.
Thank you, I agree.
This is a catastrophe, and an avoidable one. The only possible good that can come from this is that it could give McCain a campaign issue and, perhaps, undermine Schumer’s effectiveness in the Seante and his standing in New York.
When she got to Chuckie's defensive comments about how he had nothing to do with it - I was enraged.
Over 10,000 depositors who had more than $100K in that bank got shafted. The FDIC won't cover their losses.
If there was a way of prosecuting Chuckie, I would love to see it. Heck, I would love to see people sue him into oblivion.
Even for an ego like Chuckie Schumer’s, this is an amazing screw up. If there’s any justice in New York politics, it’s the beginning of the end for him.
Check out the chart on post 39 - this bank has been in serious trouble for quite some time. Anyone who had more than $100K in this bank is too stupid to have that kind of money. So, there are over 10,000 morons out there - not suprising. Investing Rule #1: Diversify. If you are going for CDs, make sure they are FDIC insured.
Amen, Phil! Amen!
bump! bump! bump!
Whether he caused it or not, when was the last time a lib was called out in the MSM?
Schmuckie is as LOW as they come !!
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