When the feds take control of the second-largest bank failure in U.S. history, it’s because something catastrophic set things in motion, and intervention was warranted. What the mainstream media is conveniently leaving out is who was behind it. Not some greedy, golden-parachuted CEO who we’ve been conditioned to hate….

Nope. This time it was Chucky.

Here’s from the press release issued by IndyMac’s regulator, the Office of Thrift Supervision: “The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.

A perfect illustration how a motivated politician can talk down an economy. I hope Senator Schumer has some free time to respond to the many hundreds (if not thousands) of people who couldn’t get at all their money this weekend.

This entry was posted on Saturday, July 12th, 2008 at 6:31 am and is filed under Bob Parks, Politics, War On Terror. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.