IndyMac: Mini Bank Run, Thanks to Schumer

Chuck Schumer Slams Mitch McConnell's "Case Closed" Argument This is basically what happened to IndyMac bank. From CNN: The banking regulator said it closed IndyMac after customers began a run on the lender following the [very public!] June 26 release of a letter by Sen. Charles Schumer, D-N.Y., urging several bank regulatory agencies that they take steps to prevent IndyMac’s collapse.

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It’s long been said that the most dangerous place in Washington is between Sen. Charles Schumer (D-N.Y.) and a TV camera. With news of the resignation of the historically awful Sen. Harry Reid (D-Nev..

IndyMac, which operates 31 offices and also takes deposits over the Internet, said the outflow of money increased on Saturday after continuing news coverage of Schumer’s remarks. The outflow Friday and Saturday totaled about $100 million, or about 0.5% of its total deposits of $19 billion, the company said.

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After all, what’s more important, our tax-dollars or their sound-bites? Even Obama is now complaining about AIG’s bonuses. First Chuck Schumer announces a run on the bank at IndyMac, costing taxpayers billions, then Chris Dodd tries to sink Citibank with his moronic "nationalization" comment, so why shouldn’t a "community organizer" chirp-in?

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 · Thanks for all the advice over the last yr and say hi to the puppies for me.. “Risk is being re-priced,’ Paulson said on Wednesday, implying it was a normal reaction to the difficulties that companies involved with subprime mortgages were experiencing.”. THis is a standard response to a bank run or “liquidity crisis” and.

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