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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSOTU: Schneiderman will co-chair mortgage probe (updated)
Last edited Wed Jan 25, 2012, 02:30 AM - Edit history (2)
Attorney General Eric Schneiderman will co-chair a presidential task force intended to identify the causes of the mortgage meltdown an assignment handed to him by President Barack Obama as part of the State of the Union message.
Obama made the announcement during a section of the speech devoted to tougher financial oversight, calling on federal AG Eric Holder to create the unit. Schneiderman was not mentioned by name, but his office confirmed his new role and that he was in Washington for the speech.
Schneidermans new role was first reported after 8 p.m. by the Huffington Post, which has been covering Schneiderman a whole lot lately.
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Just after Obama mentioned the new unit, Schneidermans office released this:
In coordination with our federal partners, our office will continue its steadfast commitment to holding those responsible for the economic crisis accountable, providing meaningful relief for homeowners commensurate with the scale of the misconduct, and getting our economy moving again.
The American people deserve a robust and comprehensive investigation into the global financial meltdown to ensure nothing like it ever happens again, and todays announcement is a major step in the right direction.
- more -
http://blog.timesunion.com/capitol/archives/109262/sotu-schneiderman-tapped-to-co-chair-mortgage-panel/
Udated to add this link, worth checking out: http://www.stopfraud.gov/news-index.html
winstars
(4,220 posts)We all saw him on the TeeVee and I don't think he would/could be bought off... but... The Prez is going to Nevada where the AG is also not on board with the sweetheart deal for the banks. It will be interesting to see what happens...
elleng
(130,964 posts)Given what we've seen of Schneiderman, I suspect there's enough teeth in this job so it can really amount to something.
ProSense
(116,464 posts)elleng
(130,964 posts)Watching him and Beau Biden and Kamala Harris for Dem party future.
ProSense
(116,464 posts)Response to ProSense (Original post)
sakabatou This message was self-deleted by its author.
Schneider means shoe-maker in German.
JackRiddler
(24,979 posts)A Schneider is a tailor.
Shoemaker: Schuster oder Schuhmacher.
Response to elleng (Reply #6)
sakabatou This message was self-deleted by its author.
applegrove
(118,677 posts)made millions based on the fact they knew the mortgages were crap and the people signing up for them or buying the packaged mortgages didn't know how bad it was. Used to be that you assumed your bank would be sure about whether you were a good candidate for a mortgage. That was the assumption many people out there were still working under. Bankers made millions in bonuses based on all the loan transactions they were able to make, the derivative transactions they were able to make, all based on a lack of good information their customers had.
That seems to be a new business meme: to make money off of people less informed than they are. The basic assumption under all economic models of markets is that given perfect information, demand and supply will find some healthy equilibrium. If the assumptions in the economic models is no longer correct, what does that mean for markets everywhere?
elleng
(130,964 posts)so the mess we've got/had is not, in fact, a fault of capitalism, but the fault of fraud and failed government oversight.
Lets try to sell THAT message to repugs!
gateley
(62,683 posts)elleng
(130,964 posts)JackRiddler
(24,979 posts)Cautious optimism, wait and see.
ProSense
(116,464 posts)has certainly made his views clear. His position is well documented.
This is a really good thing.