IndyMac and Chuck Schumer

Chuck Schumer responsible for IndyMac bank failure? Barry Ritholtz doesn’t think so:

It wasn’t the conflicts of interest, the outright fraud, or management’s rampant criminality that sent Indy Mac belly up. It wasn’t losing nearly a billion dollars this year alone. It wasn’t the share prices tumbling 87% in 2007, and then losing another 95% this year-to-date. And of course, the loss of ~$30 billion dollars had nothing to do with this.

Nope, it was Schumer, right?

IndyMac and Chuck Schumer

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