Senator Schumer rush to judgment on IndyMac Bank?
Posted by: Allen Wilson | 07/01/2008 7:00 PM
Last week, Sen. Chuck Schumer (D-New York) caused panic among depositors of IndyMac Bank, which the Senator raised concerns over the solvency of the Pasadena based bank.
Schumer: concerned over bank solvency
Yesterday, IndyMac came back with their comments and rebuts at the remarks from Senior Senator from New York.
IndyMac rebuts Senator's remarks
It makes one wonder what impulsed Senator Schumer to react the way he did. Didn't he rush to judgment in making such rash statements/inquiries to federal banking regulators?
IndyMac Bank is one of the largest employer in the City of Pasadena, which the city has a vested economic interest that impacts the Southern California region as a whole.
Two of IndyBancorp Board of Directors have served in public office: Louis Caldera, former Democratic California Assemblyman and Secretary of Army (1997-2001) and John Seymour, former Republican California U.S.Senator (1991-1993) and Orange County State Senator.
Both Caldera and Seymour should appeal to Senator Dianne Feinstein and Senator Barbara Boxer to question Senator Schumer's inquiries.
It is everyone's hope that the financial markets, including the banking sector, will be in much calmer waters and not raise any anxiety among the investors and depositors of any financial institution.
[Disclosure: This contributor is a depositor at IndyMac Bank]
And where is Congressman Adam Schiff? His district is about to lose thousands of jobs because of this, but he is totally silent.
I guess Adam is too busy with international affairs to be bothered with a quotidian concern like MASSIVE LAYOFFS IN HIS HOME DISTRICT.
Adam, we hope you are having fun in DC, Las Vegas, Middle East etc.! Don't worry about us there are plenty of food banks and homeless shelters in downtown LA.
You get what you vote for.