President Obama Goes All Out For Dirty Banker Deal

Obama Goes All Out For Dirty Banker Deal
By Matt Taibbi
August 24, 2011

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.

This is all about protecting the banks from future enforcement actions on both the civil and criminal sides. The plan is to provide year-after-year, repeat-offending banks like Bank of America with cost certainty, so that they know exactly how much they’ll have to pay in fines (trust me, it will end up being a tiny fraction of what they made off the fraudulent practices) and will also get to know for sure that there are no more criminal investigations in the pipeline.

This deal will also submarine efforts by both defrauded investors in MBS and unfairly foreclosed-upon homeowners and borrowers to obtain any kind of relief in the civil court system.

Read the full article at:

http://www.rollingstone.com/politics/blogs/taibblog/obama-goes-all-out-for-dirty-banker-deal-20110824


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we have abandoned any notion of equal justice before the law & tout de suite -- we need to get back there.

the financialists & banksters committed major fraud.

they have to do way, way more than pay some fines & walk away.

let`s get fired up for the change we can believe in!

just treading water while sinking.

They want homeowners who were cheated to take the crumbs and be happy they got something. Obama wants to ignore the law and give the banks permanent immunity for what they did. Selling a birthright for a mess of pottage.

that's the one thing i want from this 'bubble' debacle.

You don't understand, we have to look forward, not backwards.

You can't expect a president to come in and start prosecuting people who committed crimes during the previous administration.

Heck, if he did that, where would he get his cabinet appointments?

re-write it so We the People is replaced with We the Corporations

Perhaps bush was right ....... it is just a piece of paper meaning nothing to some people

"too big" for justice, "too big" for legality. Some kid lights up a joint, they're ready to throw them in prison for life in prisons for profit, same for petty crime.

But the big players, those into millions, billions, trillions even, well, they're too big for prosecution. I think our country today is so dysfunctional most don't even comprehend how far off course we are ... and the sad part of it, I have no idea how/who is going to fix it.

I see no evidence so far of any remedies, but more of the same old shit. And the real sad part of it is, they can and will do what they damn well please. Welcome to serfdom USA. And many Americans snooze, and others are too ignorant and damn proud of it to even comprehend what's going on.

Oh, KNR

:)