Monday, June 30, 2008

Indymac: Schumer Caused Minor Bank Run

by Bill McBride on 6/30/2008 05:36:00 PM

Indymac Responds to Letters Sent by Senator Charles Schumer (hat tip Nemo)

[A]s a result of Sen. Schumer making his letters public and the resulting press coverage, we did experience elevated customer inquiries and withdrawals in our branch network last Friday and on Saturday of roughly $100 million, about ½ of 1% of total deposits. And while branch traffic is somewhat elevated this morning, it is substantially lower than on Saturday, and we are hopeful that this issue appropriately abates soon ...