Saw this in news release.
New York Times (08/22/08) A letter from 51 former employees of IndyMac Bancorp to California Attorney General Jerry Brown calls for an investigation into Sen. Charles Schumer's role in the failure of the Pasadena-based thrift. The former workers accuse the New York Democrat of contributing to the bank's collapse by leaking confidential information and questioning whether IndyMac could weather the mortgage crisis in a letter to the Federal Deposit Insurance Corp. (FDIC) and the Office of Thrift Supervision. In the letter to Brown, they write: "From the day Mr. Schumer's letter was made public until the closure of the bank, a run on the bank took place and the failure became inevitable." Over an 11-day period in July, depositors withdrew more than $1.3 billion from IndyMac, prompting a takeover by the FDIC.
I hope it comes out that Senator Charles Schumer is the head of the Senate Housing Committee and a member of the Senate Banking Committee. According to a Federal bureaucrat who stated to the news they had put INDYMAC on the watch list before the Senator's letter which the Senator knew about.
Then why did he do it:
* Maybe he just wanted to feel important
* Maybe he had friends who had Options against INDYMAC and promised big campaign contributions to the Senator
* Maybe he wanted to help insure a continuation of the finance crisis through the Presidential Election He should be held responsible.
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