Schumer causes run on bank?
If Schumer were not in congress the shareholders might have a cause of action against him. What he did was the equivalent of shouting fire in a crowded theater. The loose cannon on energy is now a loose cannon on the banking business.Federal regulators seized IndyMac today in the largest bank failure in decades. The FDIC will reopen IndyMac on Monday under its own control, keeping its $32 billion in assets while eating as much as $8 billion in losses. Guess what triggered the run on the bank that required FDIC intervention?
Two weeks ago, Schumer publicly released a letter he had written to regulatory agencies, demanding action to prevent IndyMac’s collapse....In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said “the immediate cause” of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank’s solvency.
“Although this institution was already in distress, I am troubled by any interference in the regulatory process,” said OTS Director John Reich.
Mr. Schumer couldn’t be immediately reached for comment.
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The plan and goal of the DNC is to ruin the incumbant Republicans at whatever the cost. The DNC chooses to destroy the party's on watch record by destroying the economy with false ruours and crushing families on the way.
ReplyDeleteThe DNC will stop at nothing to ruin the economy in hopes that a fooled populace will elect their socialistic party into full power.
This is now a National Security Issue! Keep your powder dry.