Senator Schumer (D-NY) Kills a Bank
Reportedly the most dangerous place in Washington, DC is attempting to get between Senator Charles Schumer, the senior senator from New York, and a TV camera.
Today federal regulators directly blamed Sen. Schumer for causing the third largest bank failure in history, a disaster that is likely to cost American taxpayers as much as $8 billion.
Senator Schumer ten days ago wrote a letter to federal regulators that specifically named IndyMac, a $32 billion bank, as failing. Senator Schumer made the letter public, which caused a depsitor run on the bank.
According to John Reich, the Director of the Office of Thift Supervision, Mr. Schumer's public release of the letter "spooked" the bank's customers, giving the bank "a heart attack" that resulted in its failure.
In addition to the loss to taxpayers, approximately 10,000 IndyMac customers will lose at least a portion of their deposits with the bank.
No other senator has made public such a letter. This is a first.
These are the same people who want to manage the health system. Scary.
