Pesky lawyer still on banksters’ case

When it comes to describing the complacency of the Wall Street banksters, their unabashed disregard for the millions of people they defrauded, and the ease with which they continue to push the right buttons in Washington in order to avoid restitution and prosecution… well, nobody does it better than Matt Taibbi:

A power play is underway in the foreclosure arena, according to the New York Times. On the one side is Eric Schneiderman, the New York Attorney General, who is conducting his own investigation into the era of securitizations – the practice of chopping up assets like mortgages and converting them into saleable securities – that led up to the financial crisis of 2007-2008. On the other side is the Obama administration, the banks, and all the other state attorneys general. This second camp has cooked up a deal that would allow the banks to walk away with just a seriously discounted fine from a generation of fraud that led to millions of people losing their homes.

The idea behind this federally-guided “settlement” is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space…

Taibbi was reacting to an NYT piece in which Gretchen Morgenson reported on efforts by Obama’s minions to make sure the fix is in. The last lines in Taibbi’s story coincidentally address a point I raised in the footnote of an Aug. 22 post:

… My theory is that the Obama administration is trying to secure its 2012 campaign war chest with this settlement deal. If Barry can make this foreclosure thing go away for the banks, you can bet he’ll win the contributions battle against the Republicans next summer. Which is good for him, I guess. But it seems to me that it might be time to wonder if is this the most disappointing president we’ve ever had.

This entry was posted in economic collapse, Goldman Sachs, Great Recession, mainstream media, New York Times, Obama, Politics, The New Depression, Wall Street, world-wide economy and tagged , , , , , . Bookmark the permalink.

4 Responses to Pesky lawyer still on banksters’ case

  1. Pingback: Suburban Guerrilla » Blog Archive » Banksters to Obama: Swat that pesky lawyer

  2. wendy says:

    i really wanted to puke when i read that over at taibbi’s place.

    btw, susie mentioned she would love it if her other posters would pick up some slack over there.


  3. william wallace says:

    The best would been to have brought banks to state ownership
    ( it has its funnier side / where truth told Joe The public Plumber

    Govt keeps getting told /that govts can’t run banks. Such must be
    left to independent BANKERS // whom UNDERSTANDING banking.

    The question / if such the case / how? what? / brought a banking
    crisis /followed by a banking collapse costing JOE THE PLUMBER

    It like a thief breaks into your home. Govt’ tell THEM / to prevent
    them robbing you / your are making them a equal partner in your
    savings account /thus they can withdraw money whenever please.

    In the name of the people Govt should run a nations bank system
    they make the employment decisions // as able to hire as fire via
    experience of the individual. Govt also in fullest control of banking
    regulations // that never again to see / rampant banking corruption.

    Of course it getting Govt to believe in itself // for decades govt has
    been brainwashed /that banks CANT be state owned / such leading
    to failure disaster. Such is nonsense / banks can if wishing be state
    owned / state run. Run with a honesty / in providing a 5***** service.


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