Pictures

Members of the U.S. Army Old Guard place a flag at each of the over 220,000 graves of fallen U.S. military service members buried at Arlington National Cemetery, May 24, 2012. Memorial Day will be commemorated this weekend across the United States. REUTERS/Jason Reed (UNITED STATES - Tags: MILITARY)

Reuters Photojournalism

Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography.  See more | Photo caption 

Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012. REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

Fleet Week

The U.S. Navy takes Manhattan for a week.  Slideshow 

Students show emotions at the 2012 Joplin High School commencement ceremony inside the Leggett and Plant Athletic Center at Missouri Southern State University in Joplin, Missouri, May 21, 2012. REUTERS/Larry Downing (UNITED STATES - Tags: POLITICS EDUCATION)

The Class of 2012

Scenes from this year's commencement ceremonies.  Slideshow 

Sen. Schumer blames OTS for IndyMac's failure

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WASHINGTON | Fri Jul 11, 2008 10:17pm EDT

WASHINGTON (Reuters) - Sen. Charles Schumer on Friday blamed IndyMac Bancorp Inc's failure on its main regulator, the Office of Thrift Supervision, and said it should start doing its job.

"If OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today," said Schumer, a Democrat from New York. "OTS should start doing its job to prevent future IndyMacs."

The Federal Deposit Insurance Corp took control of IndyMac on Friday and will run the bank until it can find a buyer.

(Reporting by Rachelle Younglai; Editing by Braden Reddall)
U.S.
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