http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html It will cost the FDIC $4-$8 billion to bail out Indymac.
Schumer is gonna make a killing from all the political contributions from the naked shorts! I still don't understand why FDIC is paying a 50% advance dividend when they are taking a 4 to $8 billion hit.
From his website. A member of the Banking committee in the House and the Senate, Chuck worked for a decade to pass the 1999 Financial Services Modernization legislation, which modernizes regulations governing the US banking, securities and insurance industries. He played a key role in drafting language to ensure that financial companies serve traditionally underserved areas and has exposed unequal lending practices of banks and predatory lending practices of subprime lenders in minority communities.
This is quite interesting. Major holders as of March 31, 2008 are some of the big boys: GS, MER, BCS, MS. I'm pretty sure they've unloaded IMB before it collapsed, no? http://finance.yahoo.com/q/mh?s=IMB
"Charles Schumer personally owes the FDIC $4-$8 billion" lets be fair and balanced....what does bush owe then?All this deregulation nonsense that has led to the economic mess was/is the central tenet of republican economics.Its about as realistic and worthy as that other fraudulent,delusional concept: 'mark-to-model'.
Schumer LOL. Maybe we should collect from Barron's and Fed Gov. William Poole too - they said it was all over for the GSEs months ago. Or the institutions and funds that are probably STILL short from the low 40s. Or maybe we could dig up that privitization douchebag Reagan and sell his casket, or LBJ maybe. And what about Bill C. and his boy Franklin Raines? Nobody with a brain, or even part of a brain like W, thinks they should be public any longer anyway. And any $ wouldn't be owed to the FDIC anyway - ever. Shit article.
While I am no fan of Schumer, he wasn't the one putting out liar loans, jumbo loans, option ARMS, etc. The banks have brought this upon themselves. Blaming Schumer is like blaming a passenger on the Titanic for saying that the ship has hit an iceberg and is sinking.
Maybe he did us a favor. Perhaps it is cheaper for the tax payers this way. They were probably asking for too much behind the scenes. Perhaps someone insulted chuck and he taught them a lesson.