IndyMac Seized by U.S. Regulators Amid Cash Crunch

It’s now called IndyMac Federal Bank.

Who’s gonna blame Chuck Shumer?

UPDATE: John Riech of the OTS, that’s who:

The director of the Office of Thrift Supervision, John Reich, blamed IndyMac’s failure on comments made in late June by Sen. Charles Schumer (D., N.Y.), who sent a letter to the regulator raising concerns about the bank’s solvency. In the following 11 days, spooked depositors withdrew a total of $1.3 billion. Mr. Reich said Sen. Schumer gave the bank a “heart attack.”

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