IndymacBank Seized by the Feds!
Fox News just reported that that IndymacBank has been seized by the feds. This was a bank that specialized in high risk loans.
This bank has $17 billion in deposit assets.
Raise your expectations? How about “Open your wallets tax payers”.
Category: Politics
The back story;
The banking regulator said it closed IndyMac after customers began a run on the lender following the June 26 release of a letter by Sen. Charles Schumer, D-N.Y., urging several bank regulatory agencies that they take steps to prevent IndyMac’s collapse.
In the 11 days that followed the letter’s release, depositors took out more than $1.3 billion, regulators said.
So it was Chuckie Schumer’s big mouth that did them in. Remember that when you go to the polls and you’re trying to decide who’ll manage the economy best.
That’s an excellent point. Of course Schumer was grand standing as the total tool that he is. His rush to make a headline crippled a bank and will likely start a domino effect.