The Blog @ Spolitics

Schumer Shows No Remorse and Shirks Responsibility

Perhaps the only thing worse than the fact that Senator Chuck Schumer caused a run on deposits that led to a historical bank failure is the lack of accountability and arrogance the senator has displayed after the fact.  According to the AP:

“The breadth and depth of the problems of IndyMac were created and apparent for years and they accelerated in the last six months,” Schumer said.

Really, Chuck?  You’re saying it was apparent a year ago when the stock was trading at $30 a share that the bank would fail?  Schumer goes on:

“Everything that was talked about in our letter was already public. So there were no new revelations in our letter at all.”

Bingo, Chuck.  You unwittingly just undermined your own argument.  Yes, Indymac was in trouble, but its situation was already public and yet there had been no bank run.  The bank run didn’t happen until you publicly suggested it was on the brink of failure and that regulators needed to act to prevent it from going under.  As the LA Times put it:

The letter stunned some Wall Street analysts, who said Schumer was in effect sealing the lender’s fate by raising the prospect of its failure.

Prior to your letter, the bank was trying to raise capital to shore up its position.  You cut it off at the knees.  And what was the point of your letter again?  To warn about a bank run and to prevent the bank from failing.  As a result of your boneheadedness, there was a bank run, the bank did fail, thousands of people have lost their jobs and tax payers are getting stuck with a possible $8 billion bill.  

But have you shown any remorse or an ounce of accountability?  No.  Stop pointing fingers.  Be a man and own up to the fact that your actions are a big reason why this happened.  Or better yet: resign.