Posted on 07/11/2008 7:53:30 PM PDT by bamahead
Sen. Charles E. Schumer publicly taunted bank regulators last week about IndyMac Bancorp's financial condition, which helped trigger a sudden outflow of deposits from the Pasadena thrift. Now the New York Democrat is getting some harsh blowback from one current and one former regulator.
Their message, distilled: Zip it, Chuck.
As noted here on Monday, Schumer sent letters to the Office of Thrift Supervision, the Federal Deposit Insurance Corp. and the Federal Home Loan Bank of San Francisco, saying he was "concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers."
IndyMac, which has suffered huge losses on defaulted mortgage loans, "could face a failure if prescriptive measures are not taken quickly," Schumer wrote.
(Excerpt) Read more at latimesblogs.latimes.com ...
Can we put this in Breaking?
Ignorance allows liberalism to prosper.
Chuck is our Senator here in NY - and without a doubt, he never misses the chance to make a public political statement. It is his natural reflex.
What’s the saying? Don’t get between Chuckie and a microphone.
From the retired regulator who doesn’t have to worry about his job:
“Leaking his IndyMac letter to the press was reckless and grossly irresponsible. I don’t see how he can be trusted with confidential information in the future. What this incredibly stupid conduct does is put at risk the willingness of regulators to share any information with the [congressional] oversight committees. After this, you’d be crazy to share information with Schumer.”
Damning...truly damning....
democrats love disasters.
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.
Even if they have to manufacture them themselves.
Isn’t old Shoe a NYC law-yah?
IndyMac should scrape some money to sue the balls of the bespecled gun-grabber Lib.
"An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.
"Here's from the press release issued by IndyMac's regulator, the Office of Thrift Supervision: "The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing 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 letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts."
Those figures are very interesting and certainly shed possible light on why Chuckie said what he did.
Nothing will come of this, of course. Schumer’s a scumbucket RAT.
The sad part is that the early birds withdrew $1.3 Billion from their accounts...But other account holders not in the loop left $17 Billion in the bank...Each account is protected up to $100,000 by the FDIC but any amounts over and above that could be lost in whole or in part, depending on what is left over after the regulators go over the books..The early withdrawals not only brought down the bank but it also weakened the financial position of depositors who had more than $100,000 in any account...
Chuck Schumer in effect cost the remaining depositors $1.3 Billion..If that isn’t grounds for a lawsuit then i don’t know what is...Even worse, if more letters turn up that Schumer wrote to many other banks to shake them down, then it is possible he could face charges in the Senate for breach of ethics....This is the same tactic that Dan Rostenkowski used to use against Corporations: just a little reminder that he was head of the House Ways and Means Committee for 10 years and his committee had a role in trade and tax policies for many corporations...Senator Schumer does sit on the Senate Banking, Housing and Urban Affairs Committee
Source:
http://en.wikipedia.org/wiki/Dan_Rostenkowski
http://en.wikipedia.org/wiki/Charles_Schumer
Also: NBC News Nightly with Brian Williams, July 11, 2008
And undoubtedly intentionally. Chucky has been around too long to be naive about all this. How did he benefit?
Friends of Chucky?
The Democrats crashed this bank.
Does anyone know how much the other banks give Chuckie and his fellow Dems vs what this bank did?
Hi Sloop where is that datd from I can see it at OpenSecrets.
ping for later
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