Loudmouthed Dem Schumer Partially Responsible For Bank Failure

Traders and wall street employees face prosecution for spreading of rumors that can have a detrimental or positive effect on securities, stocks and such, so why not the big mouthed liberal Charles Schumer who it appears could have been directly responsible for the depression era like run on IndyMac that caused it's failure.

They get away with treason against the country during wartime and now causing bank failures by their irresponsible use of their mouths as senators who's every word can cause bank panics like the one that occurred here. When are lawmakers going to be held responsible for their actions when they break the laws that the rest of us must follow?

One other little note about this bank failure can be summed up in two sentences found couched deep inside the article and manipulation of words to hide the true meaning:

During the housing boom earlier in the decade, IndyMac was one of the largest lenders of alt-A loans -- mortgages given to customers with minor credit trouble or that did not have the proper documentation to receive a traditional, prime loan.

Meaning basically ILLEGAL IMMIGRANTS are responsible for most mortgage failures.. thank you. When they can't meet the mortgage they pack up the low rider chevy's and head for the border to shack back up with their families back home in Mexico . Thus leaving the dumb assed banks who gave them the mortgage holding the bag to then pass the buck on to you and me, something Americans cannot do without filing bankruptcy and removing themselves from the home buyers market for 10 years to life..

Feds cite Schumer in collapse of IndyMac

| L.A. Land | Los Angeles Times: "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.

"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.'' continued

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