User 225439

IndyMac Bancorp Failure: Sen. Schumer vs. OTS

I find that Sen. Schumer's remarks concerning Indy Mac's potential insolvency as irresponsible. As someone else indicated a man in his position should not be making public announcements that a financial institution where thousands of people hold their deposits is potentially insolvent and effectively causing the situation he warned of. He should be removed from his Chair positions since he cannot be trusted to properly use the information he has access to. I am pretty sure that Indy Mac was going to have a tough time, but it might have survived if it did not suffer the run on its deposits which given the timing was most certainly caused by Schumer's comments.