User 225439

Who's to Blame for IndyMac's Failure?

Sen Schumer has abused his power in making public statements which can have adverse affects (which his statement clearly did) on a financial institutions ability to do business. As a Senator that sits on the committees he does and also Chairs the Senate Sub-Committee on Economics he has the additional responsibility to be extra cautious in his public statements concerning the financial institutions in which he shares oversight, otherwise he could cause a run on a bank. Funny isn't that just what he did?

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.

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 insolvent thus causing a run on the bank 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.