Our Three Words For The Day
“Conflict of interest”: New York Sen. Charles Schumer’s public criticism of IndyMac Bancorp last summer, which critics say helped spark a run on deposits that took under the troubled thrift, came while IndyMac’s assets were being eyed by investors who are major donors to the Democratic Senate campaign committee the senator chairs. Sen. Schumer, chairman of a Senate banking subcommittee, was criticized at the time | Read More »
In Which Things Get Interesting . . .
And Chuck Schumer may need to get some consultants stat: 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 | Read More »
California Decides To Investigate Schumer – FINALLY!
Reuters is reporting that California Attorney General Jerry Brown has received a letter from former employees of IndyMac requesting a investigation into the letter Charles Schumer released to the press expressing concern over the liquidity of IndyMac. That letter began an 11 day run on withdrawals from panicked IndyMac depositors that sent the bank into a tailspin and eventual failure. The employees are claiming that | Read More »
A Sneak Peak at Democrats in Control
I was thinking earlier today about the huge numbers of Democratic distortions and outright deceptions swirling around in the news. Nancy Pelosi calling drilling a GOP hoax and continuing to blame Republicans for gas prices; Dennis Kucinich and other Democrats deflecting attention from their historic 91% DISapproval rating by renewing calls for W to be impeached; their deafening silence on how badly the war in | Read More »
Heckuva Job, Chucky
You would think that a U.S. Senator would know enough to carefully calibrate statements when it comes to dealing with extremely sensitive and important issues–not to mention, knowing enough to refrain from leaking statements that might unnecessarily cause panic as people try to grapple with those extremely sensitive and important issues. But when it comes to New York Senator Chuck Schumer, you would be wrong. | Read More »
BREAKING: Bank Collapses. Feds cite Sen. Chuck Schumer as “immediate cause” of collapse
Federal regulators just seized and shut down IndyMac, a major mortgage specialist. The Pasadena, Calif., thrift was one of the largest savings and loans in the country with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank and Trust Co., which failed in 1984 with $40 billion of assets.IndyMac specialized in Alt-A loans, a | Read More »