How Chuck Schumer Caused the Second Largest Bank Failure in US History
"But Chuck Schumer is no FDR.
He doesn’t stop bank runs; he starts them.
Or, at least, has started one.
The collapse of Indymac bank, the second largest bank failure in American history, began with a letter from the office of Senator Charles Schumer on June 27. He questioned the viability of the bank. When a senior senator who is in a number of influential posts regarding oversight of bank regulators directly attacks the confidence of a depository institution, it matters.
Not surprisingly, the director of the Office of Thrift Supervision concluded that the collapse of the bank immediately following the Senator’s comments has not a coincidence.
Director Reich concluded that Senator Schumer had ‘given the bank a heart attack’."
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