Redstate

Posted at 7:04pm on Jul. 11, 2008 BREAKING: Bank Collapses. Feds cite Sen. Chuck Schumer as "immediate cause" of collapse

By Erick

Federal regulators just seized and shut down IndyMac, a major mortgage specialist.

The Pasadena, Calif., thrift was one of the largest savings and loans in the country with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank and Trust Co., which failed in 1984 with $40 billion of assets.

IndyMac specialized in Alt-A loans, a type of mortgage that can often be offered to borrowers who don't fully document their incomes or assets. The company sold most of the loans it originated but continued to hold some on its books. As defaults piled up, IndyMac's finances deteriorated.

The bank will be run by the Federal Deposit Insurance Corp., a federal regulator, and will reopen Monday.

Now the question is, did Senator Chuck Schumer cause IndyMac's collapse? The Office of Thrift Supervision, that regulates entities like IndyMac, says "the immediate cause" of IndyMac's collapse was Senator Chuck Schumer.

In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said "the immediate cause" of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank's solvency.

"Although this institution was already in distress, I am troubled by any interference in the regulatory process," said OTS Director John Reich.

This is huge -- that a federal regulatory agency would precisely finger a United States Senator as being responsible for a present financial disaster. And why? Because Schumer demands camera time and soapboxes to keep his power. And this time, he stepped up too high.

Now taxpayers will foot Schumer's bill.

Posted in Archived | Banking crisis | Chuck Schumer | FDIC | IndyMac | New York — Comments (14)/ Email this page » / Read More »

Posted at 12:20pm on May 2, 2008 Senator Schumer's Own Open Thread

By Neil Stevens

Caption this if you please. Open thread.

Posted in Chuck Schumer | Miscellanea | Open Thread — Comments (79)/ Email this page » / Read More »

Posted at 12:19pm on Mar. 20, 2008 Hear No Good. See No Good. Say No Good.

By bluegrassredstate

Iraq will never be good enough for American Democrats. That is the lesson that the world should be learning right now. When the New York Times is printing stories that contain actual truths such as this one:

A member of Iraq’s Presidency Council, whose objections had blocked a law calling for provincial elections by October, withdrew his objections on Wednesday in a sudden turnaround that raised hopes for long-sought political progress.

Posted in 2008 | Chuck Schumer | Iraq | John McCain | Mitt Romney — Comments (0) / Email this page » / Read More »

Posted at 10:35am on Mar. 20, 2007 Schumer's Ethics Issues Getting Attention

By RS Insider

The RS Insider thinks the Democrats are going to be very careful about how they push on this US Attorney story.  They already know that the administration is on firm ground on the firings themselves.  Nobody argues that it’s illegal to replace US Attorneys, and no Democrat wants to be the one to argue for ignoring voter fraud and illegal immigration.  Besides, as Patterico has ably demonstrated, the actual emails released clearly support the “idea that U.S. Attorneys were pushed out largely for legitimate reasons relating to the performance of the USAs in question”. 
 
The RS Insider is also hearing that the Schumer/DSCC story has enough legs to make the Democrats uneasy about pursuing this story for political advantage, too – especially against Senator Domenici.  Over at Townhall, Rich Galen points out the Democrats big problem:

Read on . . .

Posted in Chuck Schumer | Congress | Culture of Corruption — Comments (8)/ Email this page » / Read More »

Posted at 6:48pm on Mar. 14, 2007 Chuck Schumer Using Taxpayer Money to Raise Money for DSCC

By Erick

The RS Insider reported this earlier, but now ABC News is reporting further details about Chuck Schumer's ethics problem.

Schumer is the Chairman of the Senate Judiciary Subcommittee charged with investigating the firings of the 8 U.S. Attorneys. From the ABC report:

On the other hand, Schumer is chairman of the Democratic Senate Campaign Committee (DSCC), which is responsible for getting more Democrats elected to the U.S. Senate in 2008. The DSCC Chuck Schumer is benefitting from the Judiciary Committee Chuck Schumer continuing his investigation.

So, Schumer is using taxpayer money to keep alive an investigation into the President exercising lawful constitutional powers so he can raise money for Democrats through the DSCC. Here's one of the latest DSCC salvos that Schumer authorized while still presiding over this investigation.

We might need a U.S. Attorney to investigate Schumer.

Posted in Chuck Schumer | Congress | Culture of Corruption — Comments (20)/ Email this page » / Read More »