IndyMac Attack: Did Schumer, Paulson, Soros, and the CRL Kill the Bank and Profit From Its Collapse?

We know that Soros will do anything to make a buck, but just how crooked is Charles Schumer, Senator from New York. His fingerprints seem to be all over this along with trying to do away with filibuster rules on Senate. Who died and made him king?

Maybe the US Attorney for the Southern Region of New York should be looking into the business dealings of Chuck Schumer and Wall Street financial guru's who seems to be playing fast and lose with the rules. Yet these people are the ones writing the new laws on banking for their cronies on Wall Street?

Schumer said not to blame him for the Indy Mac collaspe but Bloomberg didn't agree according to their article:

IndyMac Seized by U.S. Regulators; Schumer Blamed for Failure
By Ari Levy and David Mildenberg

July 12 (Bloomberg) -- IndyMac Bancorp Inc. became the second- biggest federally insured financial company to be seized by U.S. regulators after a run by depositors left the California mortgage lender short on cash.

The Federal Deposit Insurance Corp. will run a successor institution, IndyMac Federal Bank FSB, starting next week, the Office of Thrift Supervision said in an e-mail yesterday. The regulator blamed U.S. Senator Charles Schumer for creating a ``liquidity crisis'' after a letter on June 26, in which he expressed concern that the bank may fail.

Excerpt: Read More at Bloomberg

Schumer expressed concern that the bank might fail in a letter and then says he takes no responsibility. Is Schumer party to all of the shenanigans going on in the financial sector that has cost the American Taxpayers millions and most likely billions of dollars if we were ever given a complete accounting? We think Schumer is, and once again state we think he should be investigated along with Dodd. We are still having a hard time getting our hands around the fact that President Bush used the advise of Democrats like Schumer for Treasury Secretary Paulson CEO of Goldman Sachs and Bernacke for the Head of the Federal Reserve -- WHY? We didn't understand it at the time and still don't.

All we know is that there should have been a major investigation launched into all these ties that crisscross since the Congress has wasted so much of our tax dollars bailing financial entities out. Thanks to Big Government for beginning to shine the light on the truth.

IndyMac Attack: Did Schumer, Paulson, Soros, and the CRL Kill the Bank and Profit From Its Collapse?
by Andrew Mellon
April 22, 2009

At the end of 2007, hedge fund billionaire John Paulson invested $15 million in the leftist non-profit, Center for Responsible Lending, their largest single donation ever. Around the same time, Paulson and his employees contributed over $100,000 to the Democratic Senatorial Campaign Committee, headed, at the time, by Sen. Chuck Schumer. Roughly six months later, CRL and Sen. Schumer both launched a highly public attack on the California-based mortgage lender, Indymac. The lender failed, wiping out the investment of thousands of people. Roughly six months after that, John Paulson, in partnership with George Soros, bought up the remnants of Indymac for pennies on the dollar.

It is a drama that no longer surprises us, unfortunately. Wealthy investors use their access to elected officials and their checkbook to advocacy groups for private profit. But this story has a twist; a top executive of CRL when this deal went down, Eric Stein, is now working at the Treasury Department, heading up the proposed Consumer Financial Protection Agency. Mr. Stein will be the chief federal official designing regulations to protect consumers. Right.

This is that story.



Financial crises create opportunities. Prudent and discerning entrepreneurs who save their capital for a rainy day are able to acquire assets at firesale prices and put these assets to higher and better uses. Market forces cleanse wasteful malinvestments, innovative business models make existing ones obsolete and the economy roars forward all the stronger for it.

But while market entrepreneurs generally prosper during times of great dislocation, ultimately to the benefit of all participants in the economy, today political entrepreneurs have hijacked the economic system. The politically connected elites have used this downturn to carry out a massive wealth transfer from the people to the public and private sectors, fleecing the middle class for their own enrichment. In their hypocrisy, the long ago small businesses that grew large because of free markets have helped chain these markets through lobbying for regulations and subsidies to shield themselves from competition and their own errors.

Excerpt: Read more at Big Government