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Mr. Schneiderman is not alone in questioning the settlement arrangement, which its critics say would wrest up to $20 billion from Bank of America, Wells Fargo, Citigroup, JPMorgan Chase and others for broad immunity from prosecution. The attorneys general in Delaware, Nevada and Minnesota have also expressed qualms that the deal is weak and inappropriately favorable to the banks. On Sept. 22, Jack Conway, the Kentucky attorney general, joined the dissenters, sending out his own announcement in praise of Mr. Schneiderman’s position.
I think the settlement should be bigger. I think that the whole issue is so complex and the tentacles are all over the place that some type of big settlement should happen. I don't think 20 billion is enough. It should be closer to 50 billion.
Good. I have read articles on him. The Fed is not happy and neither are the banks.
That settlement the Fed wants to do is peanuts compared to what the banks really owe.
This is the banks putting pressure on the Fed.
We'll see how long the NY General Attorney can hang on. Remember what happened to Spitzer when he dug in his heels about going after them ?
I think the settlement should be bigger. I think that the whole issue is so complex and the tentacles are all over the place that some type of big settlement should happen. I don't think 20 billion is enough. It should be closer to 50 billion.
I'm more impressed with his acknowledging that not one SOB was ever investigated or prosecuted...
Quote:
Schneiderman wants the banks held accountable. But he has made himself a fly in the ointment for the big deal to settle the whole thing quickly, quietly, and without prosecutions:
Attorneys general from all 50 states last year announced their investigation into bank foreclosure practices after reports that faulty documents were being used to seize homes. Since then, a group of attorneys general and officials from federal agencies, including the Justice Department, have been negotiating a settlement with the five largest mortgage servicers in the U.S.
There's that, but I just see the whole thing as being hard to prove in court. I think the nation would be better served if we just had a bigger settlement and oversight and regulations to prevent another fiasco like this again.
There's that, but I just see the whole thing as being hard to prove in court. I think the nation would be better served if we just had a bigger settlement and oversight and regulations to prevent another fiasco like this again.
I thought Chris Dodd and Barney Frank took care of that?
Government demanded banks make loans to people who could not pay them back.
Government demanded banks take bailout money.
Banks did what government told them to.
Not only did the banks do what government told them to do, but government GUARANTEED those actions. Now they want to sue the banks? Ridiculous left wingers, always holding someone else to blame!!
There's that, but I just see the whole thing as being hard to prove in court. I think the nation would be better served if we just had a bigger settlement and oversight and regulations to prevent another fiasco like this again.
Democrats said there wasnt a problem and we needed even less regulations while the GOP was shouting about pending oncoming problems.
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