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Did Sen. Charles Schumer Cause The IndyMac Failure? He Says No

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NEW YORK (CNN) -- Sen. Charles Schumer said Sunday the Bush administration is trying to "blame the fire on the person who calls 9-1-1" by suggesting he had a role in one of the costliest U.S. bank failures.

Federal regulators with the Office of Thrift Supervision were "asleep at the switch" when it came to IndyMac's "reckless" behavior, the New York Democrat complained.

"OTS ought to stop pointing false fingers of blame and start doing its job to protect the future of the banking system, so that there won't be other IndyMacs," said Schumer, a member of the Senate Banking Committee, chairman of Congress' Joint Economic Committee and the third-ranking Democrat in the Senate.

Read the whole story at CNNMoney.com