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."
"Would the institution have failed without the deposit run?" Mr. Reich asked reporters. "We'll never know the answer to that question."
The wingnuts are trying to blame the collapse on Shumer (Red State, Hot Air) but IndyMac was in big trouble well before Shumer's letter became public. On Lexis-Nexis, I found out that 5 class-action lawsuits had been filed in June on behalf of the shareholders in Indymac because they weren't told the truth about IndyMac's financial problems
Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in IndyMac Bancorp, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 11, 2008 Lead Plaintiff DeadlineMarket Wire, June 18, 2008 Wednesday 12:41 PM GMT, 438 words
Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of IndyMac Bancorp, Inc.Market Wire, June 16, 2008 Monday 3:53 PM GMT, 850 words
Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against IndyMac Bancorp, Inc.Business Wire, June 11, 2008 Wednesday 9:09 PM GMT, 706 words
Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against IndyMac Bancorp, Inc. (NYSE: IMB)Market Wire, June 12, 2008 Thursday 2:36 PM GMT, 205 words
Schatz Nobel Izard P.C. Announces Class Action Lawsuit Against IndyMac Bancorp, Inc.PrimeNewswire, June 12, 2008 Thursday 7:51 AM EST, LAW & LEGAL ISSUES, 523 words
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