Wednesday, August 20, 2008

Schumer Watch: Target of Bank Failure Probe?

Did Democrat Chuck Schumer precipitate the crash of IndyMac?

"In a letter to Attorney General Jerry Brown last week, 51 former IndyMac workers wrote: "From the day (Schumer's) letter was made public on June 26 until the closure of the bank, a run on the bank took place and the failure became inevitable."

Indymac is just one of the big banks and lenders that have become insolvent due to their mismanagement of mortgage lending. Fear only needs a trigger to unleash a wave of panic, and Schumer appears to have been that trigger.

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