Calif. AG Won't Probe Schumer Over IndyMac Collapse

Law360, New York (August 25, 2008, 12:00 AM EDT) -- The California attorney general's office has decided not to investigate allegations that Sen. Charles Schumer, D-N.Y., caused IndyMac Bancorp Inc.'s collapse by publicly expressing concerns over the bank's viability.

In a letter on Thursday, Special Assistant Attorney General Thomas Greene said he had no reason to believe Schumer's statements were factually false. He said the statements appear to have been drawn from publicly available sources, including U.S. Securities and Exchange Commission filings.

“While we deeply regret the circumstances surrounding IndyMac's failure, we believe that there is...
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