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Saturday, July 12, 2008

IndyMac Bank seized by federal regulators

H/T: World Net Daily

Loose lips sink ships - and banks. Chucky Schumer showed more of his disdain for we the people on June 26. I still think there must be something unhealthy, if not illegal, in New York state's water. Just look who they've elected as senators (Schumer and then Clinton) - repeatedly!

IndyMac, which once employed 10,000, fell prey to a classic run on the bank, and regulators singled out Sen. Charles E. Schumer (D-N.Y.) as having helped to fuel massive withdrawals. On June 26, Schumer said in letters to the FDIC, the OTS and two other federal agencies that IndyMac might have "serious problems" with its loan holdings.

"I am concerned that IndyMac's financial deterioration poses significant risks to both taxpayers and borrowers," he wrote. The bank "could face a failure if prescriptive measures are not taken quickly."

That public warning prompted depositors to pull $1.3 billion out of accounts between June 27 and Thursday."

This institution failed today due to a liquidity crisis," John M. Reich, director of the OTS, said at a news conference Friday afternoon. "Although this institution was already in distress, the deposit run pushed IndyMac over the edge."

Of course, IndyMac Back is not in NY, it is in California. So there is no real backlash for Schumer's bad mouthing of it. Unless the Senate finds a pair of brass ones censures him.

I'm not holding my breath.

God Bless Ya'll !

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