Chuck Schumer Destroyed IndyMac Bank Not Trump’s Nominee – 3%
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Chuck Schumer Destroyed IndyMac Bank Not Trump’s Nominee

Bernie Sanders and Elizabeth Warren (Honest Injun) are up in arms over Trump’s nomination of Steven Mnuchin to the Secretary of the Treasury.  They both blame him for the collapse of IndyMac Bank.  Warren claims that he threw people out into the streets.  Yeah, that’s true.  You quit paying your mortgage and any bank will toss you out.  But the truth is Chuck Schumer destroyed the bank.

steven_mnuchin

But, Schumer gave a copy of the letter to the media which started a run on the bank, which over the next 11 days saw 1.3 billion drawn out of the bank.  As you know, the bank never has the funds to pay off all creditors immediately because they loan out the majority of the money because that’s how they make a profit.  It was the run on the bank that destroyed it, not evicting people for nonpayment.

CNBC:

How Chuck Schumer Caused the Second Largest Bank Failure in US History

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