it's spelled SCHWULER!!!
(Schwuler = Fag in German)
Posted on 07/14/2008 4:52:36 PM PDT by Brilliant
Sen. Charles Schumer, hit with criticism from a federal regulator that he contributed to the failure of IndyMac Bank, said he may have caused some depositors to withdraw their money but said he wasn't responsible for the bank's downfall...
He said he wrote letters to federal agencies in June, and then made them public...
Sen. Schumer's office publicized the letter June 27...
IndyMac...said Mr. Schumer's statements caused "elevated customer inquiries and withdrawals" ...and that about $100 million had been withdrawn.
Traffic remained "somewhat elevated" on July 1, the bank reported, but was "substantially lower..." Sen. Schumer pointed to that statement as evidence that withdrawals eventually calmed down, even after his letters. Then, on July 8, IndyMac announced it would cut staff and write far fewer loans.
But the Office of Thrift Supervision has been critical of Sen. Schumer ...saying that in the 11 days following release of the letter, depositors withdrew more than $1.3 billion. OTS Director John Reich said Friday that Mr. Schumer sparked a deposit run that "pushed IndyMac over the edge." Publicizing the June 26 letters was "an unprecedented act," Mr. Reich told reporters... He said Sen. Schumer should have privately addressed his concerns...
Sen. Schumer rejected that, saying that, while banking regulators do their work in private, lawmakers typically do theirs in public. Sen. Schumer, the head of Senate Democrats' re-election effort, threw in a political jab as well. "Clearly what was happened here was the OTS, having the second-biggest bank failure on their watch, sought to blame the messenger. In sum, it's sort of classically what this administration does. Blame the fire on the guy who called 911..."
(Excerpt) Read more at online.wsj.com ...
Weasly Shmuck
If there was a prize for scummiest politician on the planet, Chuck Schumer would definitely make the final run-off.
It looks like Wachovia Bank is following IndyMac down the drain. Take appropriate steps.
The dirtbag caused a bank collapse, and then calls himself a hero. I don’t see how even his fellow RATS can stand him.
What a slimebag!
What a slimebag!
This news will spread and you never know what some agrieved investor might do.
He's an guy to identify.
Schumer did not cause the collapse - put the blame where it belongs - IndyMac was up to its neck in bad loans. They should have been shuttered many months ago.
Lines were still around the block even 20 minutes til the bank closed. I think I’ll go later in the week.
ML/NJ
Chuck Schumer is a hatchet man
Not anywhere near an attractive man
He sneers, he lies,
And averts his eyes,
Can he be nasty? In fact, he can.
Well, no...it was a liquidity crisis that put IndyMac under, an old-fashioned run on the bank, caused by Schumer's mouth.
Not every crisis needs your input...putz.
Schumer did it. But it will not matter.
Like the Emperor’s Club, it will go NOWHERE.
There is NO accountability in America for Democrats.
What he did was irresponsible. He caused a bank run. I don't know if IndyMac would have survived without this mess, but their departure would have been less messy, in any case.
I don't know how many institutions would survive a depositor run. Probably few if any. It's not a measure of stability.
Sadly, too many seem to be aiming for just that.
You need not look too deeply to find the democrap politicians retired from legislation to run these faultering institutions. Democrats are braindead liberals. Period. Capitalism is to be subverted with democrats. They’re socialists at heart. Period.
it's spelled SCHWULER!!!
So tell me, Chuck, how does making the letters public, KNOWING that it will cause a run on the bank and lead to its immediate insolvency, increase pressure on the OTS to keep the bank solvent?
Congress might of made it possible, but... Schwuler made it happen.
Like investors in various stocks, some of which work out well, and some of which crash, bank managements consider various loans in terms of returns. When the real estate market was frothy, boiling up every day, even 100% loans were covered shortly. It became a dumb investment only when the music stopped, and real estate crashed. There are booms and busts in every market - oil, agriculture and commodities are booming now, tomorrow, maybe not. Consider yourself omniscient if you can predict the future of financial markets - and play the market - you’ll be a billionaire in short order!
So I guess you would blame the WSJ for the Fannie Mae and Freddie Mac problems? (Or maybe you don't read the WSJ?)
ML/NJ
I may be wrong, but IIRC I heard or read somewhere that Congress made the banks lower what they charged borrowers for the loan. So without any money down, people who couldn't afford the house got in anyway. If this was the case, then Congress was partly to blame.
Am I recalling incorrectly?
LOL!
I suspect that Shumer, or his buddies, are making big bucks from this bank failure. If somebody could establish a paper trail, I would love to see that scoundrel and his friends in a federal penitentiary.
Huh? Are you a dufus? In what universe would I consider blaming the WSJ for the FNM crash? Are you as stupid as you appear to be?
Yes!
Somewhere, somebody went short this stock prior to the release of Schumers letter. Don’t ya think?
Ok, tiger, where is your “statistic” cited in Lou Dobbs writings?
IMB, like many banks, has been swirling the toilet for many months. A short seller in the financial stocks is a johnny-come-lately, not a nefarious mega-billionaire conniver.
the dems are doing anything they can to create ‘the sky is falling’ scenario.. which is classic political-strategery inorder to get the little guy to cry out for ‘change’.. thereby ousting the incumbent party
and do not doubt it.. the dems have NO problem with causing Americans pain or putting them in harms way ... just to get power
Not likely.
That would be a good way, but I imagine there are more interesting ways to make money from a bank failure than the days of the year.
About the only way Shumer could get nailed would be if he or his confederates messed up in a big way.
He stated it at the end of his show. I checked and it was "65%" on his website at the time I posted.
Currently, 66% percent of respondents to Lou Dobbs' poll think Schumer should be censured.
Yeah. That's me: stupid. And you are a Rocket Scientist no doubt, but I'm gueesing not a regular WSJ reader, as they have been editorializing about the financial unsoundness fo Fannie Maw and Freddie Mac for years.
ML/NJ
From Lou Dobbs website (bottom half of page, over on the right)
QuickVote
Do you believe Senator Charles Schumer should be censured for causing a run on IndyMac bank?
Yes 66% 2728
No 34% 1409
Total Votes: 4137
I understand the difference between the WSJ and a sitting Senator. They play different roles and have different...here's the word...responsibilities.
The Putz acted irresponsibly.
No surprise at all...a pastor told me a long time ago that the world was filled with counselors and campers. He advised that you'd better know, before you get to summer camp, which was which...
If you're a sitting Senator, you're expected to act like an adult...a counselor, in the summer camp example. Putz is a kid setting fires in the woods.
How do you figure?? That’s my bank!
It has been my bank too. But look at the decline in stock price. Consider that it’s portfolio must consist of lots of recently granted mortgages in regions that have seen large drops in RE values. Consider that Bankrate gives them a 2 star safety rating - and do what I did - move accounts to a better rated, regional bank.
Most compelling to banks was the availability of cheap money from the “federal” reserve, to be loaned out at much higher rates (or lower rates to senators) to whomever would sign on the bottom line, even assured by the taxpayer - you’re government (and conniving scumbag senators and congressmen) at work!
Ok, thanks!
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