Feds cite Schumer in clooapse of Bank


	Feds cite Schumer in clooapse of Bank

mklosinski

7-14-2008 6:04 AM

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tags:

congress, schumer

mklosinski says:

Leave no incumbent in office.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/2fcb6135-7408-4a57-a646-3c3b79a3c3cd/34272FE4-CAEE-4262-BFDE-FAF644006B20/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html" href="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html" style="font-size: 11px;">latimesblogs.latimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html"><P><A href="http://latimesblogs.latimes.com/.shared/image.html?/photos/uncategorized/2008/07/12/senchuck_tv.jpg"><IMG height="360" width="250" border="0" alt="Senchuck_tv" title="Senchuck_tv" src="http://latimesblogs.latimes.com/laland/images/2008/07/12/senchuck_tv.jpg" /></A>
An important angle in the IndyMac failure that may get lost in ominous headlines tonight and tomorrow: federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. In simple language, federal regulators blamed Schumer for a run on the bank.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html"><P><A href="http://www.ots.treas.gov/docs/7/778029.html">Here's from the press release issued by IndyMac's regulator, the Office of Thrift Supervision</A>: "The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. <STRONG>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. </STRONG>The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/34272FE4-CAEE-4262-BFDE-FAF644006B20/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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