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Oh please. If all it took was a comment from Chuck Schumer to bring down the bank then it was on it’s last leg to begin with. Schumer could have praised it to the skies and it would have failed anyway.

That simply is not true.

All banks operate with a minimal amount of cash on hand, and even the FDIC does not have enough cash on hand to handle multiple runs on banks if for any reason, there is a panic and depositors begin rapidly withdrawing their cash.

IndyMac Bank may indeed (and in fact was) in trouble, but in banking (just like politics) a great deal of one's success or failure rides on PERCEPTION.

Once Senator Phuckwit opened his piehole and started yapping about IndyMac being in trouble, it was inevitable that his irresponsible babbling would ultimately spook depositors into withdrawing their funds from IndyMac.

The fact is, if Schumer had made similar statements about ANY bank, the odds are high that it would have resulted in similar runs on that financial institution. Schumer unfortunately isn't just a corrupt windbag, Schumer sits on the committees where his words carry weight when it comes to financial institutions and services.

Now if Schumer made any of his comments about IndyMac outside of the Senate chamber, that suggests to me that he may have opened himself up to some legal liability at some point, perhaps a class action suit by IndyMac account holders.

Regardless, the entire affair needs to be thoroughly investigated, starting with Schumer's office.