"The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors’ demands in the normal course of business and is therefore in an unsafe and unsound condition. The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.
"This institution failed today due to a liquidity crisis," OTS Director John Reich said. "Although this institution was already in distress, I am troubled by any interference in the regulatory process."
Democratic Senator Schumer released the letter to the public with full knowledge that a run on the bank would be started. This was no accident and may have been a signal to other Democratic radicals in the Investment Business such as George Soros to begin a rumor campaign combined with short selling which created the maelstrom we have just witnessed.
Who is George Soros? Wikipedia has this info:
In an interview with The Washington Post on November 11, 2003,[26] Soros said that removing President George W. Bush from office was the "central focus of my life" and "a matter of life and death." He said he would sacrifice his entire fortune to defeat President Bush, "if someone guaranteed it," and many continue to state this as Soros's position even after Soros clarified the statement in a Q&A session at the end of his March 3, 2004 address to California's Commonwealth Club.
Currency speculation
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England."
The Times of Monday, October 26, 1992, quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."
According to Steven Drobny,[14] Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position," in accord with Druckenmiller's own research and instincts.
In 1997, during the Asian financial crisis, then Malaysian Prime Minister Mahathir bin Mohamad accused Soros of using the wealth under his control to punish ASEAN for welcoming Myanmar as a member. Later, he called Soros a moron.[15] Thai nationals have called Soros "an economic war criminal[16]" who "sucks the blood from the people".[17]
Public predictions
Soros' 2008 book, The New Paradigm for Financial Markets, describes a "superbubble" that has built up over the past 25 years and is now ready to collapse. This is the third in a series of books he's written that have predicted disaster. As he states:
I have a record of crying wolf…. I did it first in The Alchemy of Finance (in 1987), then in The Crisis of Global Capitalism (in 1998) and now in this book. So it's three books predicting disaster. (After) the boy cried wolf three times . . . the wolf really came.[18]
He ascribes his own success to being able to recognize when his predictions are wrong.
I'm only rich because I know when I'm wrong… I basically have survived by recognizing my mistakes. I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.[18]
Insider trading charges
In 1988, he was asked to join a takeover attempt of the French bank Société Générale. He declined to participate in the bid but did later buy a number of shares in the company. French authorities began an investigation in 1989, and in 2002 a French court ruled that it was insider trading as defined under French securities laws and fined him $2 million, which was the amount that he made using the insider information.
Punitive damages were not sought because of the delay in bringing the case to trial. Soros denied any wrongdoing and said news of the takeover was public knowledge.[19]
His insider trading conviction was upheld by the highest court in France on June 14, 2006.[20] In December, 2006 he appealed to the European Court of Human Rights, claiming that the 14 year delay in bringing the case to trial precluded a fair hearing. "
Schumer, Soros and fellow radical Marxists may be directly or indirectly responsible for the crash of our economy and should be investigated. It looks to me like the elite Eastern Democratic power brokers decided to destroy the economy to ensure a Democratic victory. O'bama's impending victory is forever tainted with the stench of Acorn, Ayers and Soros.
