Chuck Schumer is Being Investigated for IndyMac Failure

 Back on July 13th I had a quick little post about how the feds were partially blaming the collapse of IndyMac on Democrat Chuck Schumer, now it appears as though California is looking into investigating Chuck Schumer for possible wrongdoing.

California’s attorney general is reviewing a request by former employees of IndyMac Bancorp Inc to investigate whether a New York senator triggered the bank’s collapse by releasing confidential information.

 Good ole Chuckie sent a letter to the FDIC in June questioning whether the bank would be able to remain open, this caused a ripple effect which led to the bank failure.

The FDIC took control of IndyMac on July 11 after depositors withdrew more than $1.3 billion over 11 days. It was the third-largest bank failure in U.S. history. At the time, OTS Director John Reich blamed Schumer’s letter for causing the run on the bank.

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.”

  Chuck Schumer’s letter to the FDIC could have triggered the events that led to the bank collapse. There must be enough evidence to pursue this accusation or it would have been dropped (especially in California).

 Strangly enough the mainstream media is quiet on this issue, I wonder why. Oh yeah, I forgot, it’s Bush’s fault.