EppsNet Archive: Charles Schumer

Chuck Schumer Can Blow Me


Disclaimer: I used to work at IndyMac. It was poorly run and deserved to fail. They got way too much credit for their success when times were good. Look — in a housing bubble, a monkey with a sign can sell mortgages. Then when things started to turn ugly, they took the approach of trying to manage the stock price rather than managing the company. They started up a blog called The IMB Report, the purpose of which was to provide timely spin control on all the bad news about the company. The title — The IMB Report — gives away the game. The IndyMac Report would be a much more obvious choice; IMB is the stock ticker symbol. In shutting down the bank, the Office of Thrift Supervision said this: The immediate cause of the closing was a deposit run that began and continued after the public release of… Read more →