Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
8 comments

General News

Ny AG Schneiderman Finds Support Fighting Next "Bank Bailout"

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) , Add Tags  (less...) Add to My Group(s)

Must Read 3   Valuable 3   Well Said 1  
View Ratings | Rate It

Headlined to H1 8/30/11
Become a Fan
  (19 fans)

opednews.com


Don't Look Backwards by oen

As  Time Magazine Rolling Stone , the  Wall Street Journal Washington Post  and local papers all over the country are now noticing, the stand that New York Attorney General Eric Schneiderman has taken against the Obama administration and five largest mortgage firms is building drama.

After CBS Marketwatch called the all-too-kind settlement being offered to the mortgage giants " another bank bailout ", the NY Daily News reported Schneiderman got a lift from New York's Congressional delegation in the form of  a letter  sent to the Iowa Attorney General Tom Kelly. Kelly removed Schneiderman from the 50-state negotiating panel for objecting to a grant of blanket immunity from state fraud investigations and the NYS Dems did not appreciate this.

Kelly also shared some none-too-kind words about Schneiderman for "undermining" the work of the committee, which he wants to conclude expeditiously with a narrower settlement, focusing only on foreclosures and mortgage servicing practices. Kelly  has been criticized  in Iowa and elsewhere for serving the big banks who have contributed greatly towards his campaigns.

Schneiderman, elected to enforce the rule of law, wants to use this 50-state panel to immediately investigate the cause of the mortgage backed securities crisis that led the United States into the most debilitating economic tragedy in a lifetime. Attorney General Kelly, along with Obama's HUD Secretary and Treasury Secretary Tim Geithner are noticeably anxious to rush through a settlement that does nothing to confront the dangerous moral hazard of unregulated securitization or hold to account the crooks who designed them to be impossible to detangle, costing taxpayers billions.

Rolling Stone's Matt Taibbi was not shy in suggesting Obama may want to cuddle up to these banks in time for election contributions, abandoning the "small individual donor" he prided himself on for the historic 2008 election he won as our economy was crumbling. Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and Ally Financial Inc. are the firms in question, but other toxic debt bundlers are also watching keenly.

The signatories to Rep. Jerrold Nadler's letter of support was sent to Miller and included every Democratic Member of Congress in the state -- Louise Slaughter, Charlie Rangel, Gary Ackerman, Maurice Hinchey, Eliot Engel, Carolyn Maloney, Carloyn McCarthy, Nita Lowey, Kathy Hochul, Yvette Clark, Nydia Velasquez, Joseph Crowley, Jose Serrano, Brian Higgins, Yvette Clarke, Bill Owens, Paul Tonko, Edolphus Townes and Steve Israel, Gregory Meeks and Tim Bishop.

This display of party unity begs the question -- will Governor Cuomo weigh in on the issue as the grassroots are mobilizing? Last week, a petition was circulated by Citizen Action of New York ( sign it here ) and  late word came today  that a group including AIG, the FDIC, and various ripped-off banks, insurers and fund managers are joining Schneiderman and Delaware Attorney General Beau Biden in a lawsuit against Bank of America Corp., seeking to block any settlement and move the case to federal court.

If you have not yet written AG Schneiderman to support his investigation,  click here . To complain to HUD Secretary Donovan, email to Secretary.Donovan <at> hud.gov or " tell your story " to the Consumer Finance Protection Bureau overseeing the negotiations.  Email the White House  here or send a message to Geithner at the  US Treasury on Facebook here .

 

(OpEdNews Contributing Editor since October 2006) Inner city schoolteacher from New York, mostly covering media manipulation. I put election/finance reform ahead of all issues but also advocate for fiscal conservatism, ethics in journalism and (more...)
 
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Limbaugh/Hannity Parent Company Admits Hiring Actors to Call Radio Shows

The #OWS Video Rupert Murdoch Doesn't Want You To See

LocalLeaks' Charges of Cover-Up by Parents, Police in Steubenville Rape Forces Official Response [Updated]

Limbaugh, Hannity, Beck Respond To Report That Parent Company Hires Actors for Call-ins

#OWS Cheers As Defiant Judge Stops Obama From Selling Immunity To Wall Street

Obama to Grant Banks Robosigning Immunity in Showdown With Breakaway AGs [Updated]

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
6 people are discussing this page, with 8 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

If all we can do is complain until they listen, th... by Mari Eliza on Wednesday, Aug 31, 2011 at 1:38:59 PM
and get rid of his dunsel AG.... by Michael Shaw on Wednesday, Aug 31, 2011 at 1:55:13 PM
I didn't hear there was a candidate - is there?... by Gustav Wynn on Thursday, Sep 1, 2011 at 2:39:15 AM
I'd like to think that most reasonable Democr... by E. J. N. on Wednesday, Aug 31, 2011 at 8:16:52 PM
I'm all out for not storing or hoarding up the pro... by Michael Dewey on Thursday, Sep 1, 2011 at 1:06:45 AM
Kelly also shared some none-too-kind words about S... by Michael Dewey on Thursday, Sep 1, 2011 at 1:10:06 AM
Democratic Party shills say, "We need to push Obam... by Alan MacDonald on Thursday, Sep 1, 2011 at 8:54:34 AM
Alan, the middle or oppressed class has taken to t... by Gustav Wynn on Thursday, Sep 1, 2011 at 10:22:34 AM