7/1/08 Housing Wire: IndyMac: Mini Bank Run, Thanks to Schumer: "As a result of Sen. Schumer making his letters public and the resulting press coverage, we did experience elevated customer inquiries and withdrawals in our branch network last Friday and on Saturday of roughly $100 million, about of 1% of total deposits," the bank said.

Whether or not Schumer and the CRL orchestrated the bank run, within 11 days of Schumer’s revelations, depositors withdrew more than $1.3 billion from IndyMac. A bank that at its peak in March of 2008 had held $32 billion in assets was sold to Paulson and Soros’ holding company for $13.9 billion in a deal that closed in March of 2009.

or employee of a bank which Schumer decides to attack. Indymac Bank was having trouble, of course, before, but nothing as serious as a bank run. Bank runs, after all, are very rare in modern history..

Categories: Home Loans

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