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Wednesday, August 20, 2008

This isn't done yet ...

California mulls probing senator over IndyMac crash Politics Reuters:
"WASHINGTON (Reuters) - 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.
At issue is a much-publicized letter that Chuck Schumer, a Democrat, sent in June to the Federal Deposit Insurance Corp (FDIC) and Office of Thrift Supervision (OTS) questioning the company's ability to survive.
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."
Although its an interesting story ... and the outcome of his possible unlawful act may be blamed in fact for many issues that came from the banks being taken over by the FDIC (I'm not sure how many people lost money) ... and I'm sure it will get less media play than the FBI agent story (plane?)

But if it is true then it would mean that this time history will be able to point a finger at a particular person for the banking crisis.

There is no mention in the story of what the possible consequencies will be for Schumer ... it does however spend quite a bit of time trying to make it seem like a right wing conspiracy.

I'm sorry but why is it okay to point fingers and expose wrong doing by one party but not the other? No ... they both need to be treated fairly.

I don't care what company or firm released the information - I'm sure most Americans don't - its the fact that it happened in the first place is the problem.

don't worry -- I'm sure we will be hearing this all over again

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