In case you missed it amidst all the news about the iPhone this week, there was a bank failure news and debate about the illegality or legality of spreading rumors. In fact, my Dealbreaker colleague John got into the equivalent of a street fight with NYT wunderkind Andrew Ross Sorkin all about this. NYMag did a fine write up about it here. You can guess which side I come down on.
So, now that Indymac has failed, and the feds have cited Senator Chuck Schumer in causing troubles for it, will he go to prison? After all, if it's illegal to prompt a bank collapse for monetary profit, why not ding him for doing this for his own political profit?
New York Times reported that hedge fund managers have a new champion in their effort to keep legally dodging the taxes the rest of us pay: none other than New York Senator Charles Schumer. Now you know who is Schumer's friend and why he caused the bank run on Indymac. He truly support hedge fund and private equity because they truly support him.
http://www.nytimes.com/2007/07/30/washington/30schumer.html?_r=1&oref=slogin
"Large Investor decided to pay a few bucks to a Senator in New York to force the issue."(Prospect Mortgage Backed By Sterling Fund--Private Equity Acquired The Mortgage Branches from Indymac before FDIC takeover)
http://www.housingwire.com/2008/07/03/regulators-to-schumer-weve-got-a-whole-bag-of-shhh-with-your-name-on-it/
"And do remember that there are many investment bankers located in New York, making them pretty influential constituents of Sen. Schumer."
http://www.pasadenastarnews.com/opinions/ci_9783402
"In a Sunday news conference, he said everything in his letter was already known to the public."
If it was already known to the public, what is the reason for his public letter? It is contradict to what he said previouly :"I just bring private message to the public. Do not kill the messanger." What a great liar from time to time!
http://www.cnn.com/2008/POLITICS/07/13/indymac.schumer/?iref=mpstoryview
Posted by: jason smith | July 14, 2008 at 11:17 PM
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