Sen. Schumer Chooses Who is KILLED???
WASHINGTON (Reuters) - Sen. Charles Schumer on Friday blamed IndyMac Bancorp Inc's (IMB.N: Quote, Profile, Research, Stock Buzz) failure on its main regulator, the Office of Thrift Supervision, and said it should start doing its job.
"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," said Schumer, a Democrat from New York. "OTS should start doing its job to prevent future IndyMacs."
Did Sen. Schumer say a word when the Fed gave JP Morgan, a New York bank, $29 Billion to save Bear Strearns?????? NOOOOOOO!!!!!!! WHY NOT??? BSC is located in New York and IMB is primarily West Coast. Sen. Schumer must have known about the problems at BSC....and did not write a letter
But he writes a letter that caused a run on Indy Mac?.......is Sen. Schumer now creating, causing, and forcing bank failures?
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.”
Did any of Sen. Schumer's New York buddies short Indy Mac before his public release of his letter? Were any of his campaign contributors part of that short list? Why did Sen. Schumer not say a word about BSC.....a MUCH MUCH MUCH bigger failure than Indy Mac?
Are American government officials selectively picking and choosing which financial institutions are going to fail and which ones they are going to save????
America is now facing a significant crisis.....many of its financial institutions are on the brink of failing.......how do we decide which one dies? Should we leave it up to Chuckie????
As my previous post indicated, Nothing is Too Big to Fail......will Sen. Schumer decide which one gets killed and which one lives?