2016 Postmortem
Related: About this forum"Some rich assholes need to go to jail."
http://www.boomantribune.com/story/2012/1/25/01453/8506I Like It When They Listen to Me
by BooMan
Wed Jan 25th, 2012 at 12:16:10 AM EST
snip//
Tonight, the president said this:
So if youre a big bank or financial institution, you are no longer allowed to make risky bets with your customers deposits. Youre required to write out a living will that details exactly how youll pay the bills if you fail because the rest of us arent bailing you out ever again. And if youre a mortgage lender or a payday lender or a credit card company, the days of signing people up for products they cant afford with confusing forms and deceptive practices are over. Today, American consumers finally have a watchdog in Richard Cordray with one job: To look out for them.
We will also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud and protect peoples investments. Some financial firms violate major anti-fraud laws because theres no real penalty for being a repeat offender. Thats bad for consumers, and its bad for the vast majority of bankers and financial service professionals who do the right thing. So pass legislation that makes the penalties for fraud count.
And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis. This new unit will hold accountable those who broke the law, speed assistance to homeowners, and help turn the page on an era of recklessness that hurt so many Americans.
Sam Stein of the Huffington Post reported that this special unit will be led by New York Attorney General Eric Schneiderman. If you've been following the negotiations between the big banks, the attorneys general, and the federal government, you know that Eric Schneiderman has been one of the strongest opponents of a slap-on-the-wrist approach to settling the case against the banks for their role in creating the financial crisis. He appears to have won the argument. Here's a statement from his office:
The American people deserve a robust and comprehensive investigation into the global financial meltdown to ensure nothing like it ever happens again, and today's announcement is a major step in the right direction.
snip//
Priority number one was standing the financial sector back on its feet. Justice had to be delayed. But it couldn't be deferred indefinitely. Some rich assholes need to go to jail.
FreakinDJ
(17,644 posts)gateley
(62,683 posts)the reported "deal in the works" in which the Big Banks will pay a fine and they will not be prosecuted?
To me, they sound like they're talking about the same players, but Obama's SOTU would indicate no such deal is going to go down.
Do we have any more info?
Thanks.
Proud Liberal Dem
(24,414 posts)No?
Robb
(39,665 posts)You get yerself a blog goin'. Start some big rumors about the administration doing something so outlandish it's wholly indefensible -- as in, the more people deny it, the more it must be true. People freak out.
Then, when the opposite of what you were saying happens, you can claim it was your own alarm siren and resultant freakout that changed the administration's mind.
Victory!
Bill O-Rights
(40 posts)mindwalker_i
(4,407 posts)There's nothing wrong with being an asshole except that, of course, you're an asshole. Don't forget this:
http://www.google.com/imgres?imgurl=&imgrefurl=http://alienationmentale.wordpress.com/2011/09/23/team-america-world-police-review/&h=768&w=1024&sz=132&tbnid=mJoxnYDTFWg9vM:&tbnh=84&tbnw=112&prev=/search%3Fq%3Dteam%2Bamerica%2Bworld%2Bpolice%2Bpictures%26tbm%3Disch%26tbo%3Du&zoom=1&q=team+america+world+police+pictures&docid=NUukxdIhyU6L4M&hl=en&sa=X&ei=kbYgT5ScJZKPigLB08XKBw&ved=0CD4Q9QEwCA&dur=3582
Remember the whole in in North Korea and the speech by the main character. I won't quote it 'cause some of the more beautiful minds around here will have issues.
Bill O-Rights
(40 posts)foggiest idea what you're talking about here...sorry. I guess I don't remember the whole in in North Korea..........