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A freshman senator isn't going to pressure anyone without some support from others, the state attorney's have been the only ones going after the banks, mostly fines not no convictions.
No, the administration put a lid on that.
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.
The idea behind this federally-guided “settlement” is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space.
A freshman senator isn't going to pressure anyone without some support from others, the state attorney's have been the only ones going after the banks, mostly fines not no convictions.
State Attorneys were pressured by the WH to take the settlements.
And part of the settlements was signing releases not to pursue litigation.
Warren's hands are tied. No one is going to jail.
2011: http://www.nytimes.com/2011/08/22/bu...agewanted=1&hp
Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.
In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement,said the people briefed on the talks.
And another more broad article about the DOJ putting pressure on many State Attorneys to accept the settlement and strings attached not to pursue litigation:
Banks, Administration Pressure AGs on Foreclosure Settlement | Fox Business
People at the big banks say the Obama Administration is prodding the state AGs, led by Iowa’s Tom Miller, to agree on a deal that is currently on the table that calls for fines and revised mortgage foreclosure practices -- but also limits banks' liability on legal action.
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.
The idea behind this federally-guided “settlement” is to concentrate and centralize all the legal exposure accrued by this generation of grotesque banker corruption in one place, put one single price tag on it that everyone can live with, and then stuff the details into a titanium canister before shooting it into deep space.
There have been a few state attorney generals that have gone after the banks, Amy Madigan AG in Illinois and others had a settlement last year of $25B from several banks, not really a meaningful amount and no criminal convictions.
Quote:
The deal between federal officials, the state attorneys general and Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial is an attempt to close the book on a scandal that erupted in 2010, freezing the housing market as the legality of thousands of bank-initiated foreclosures were called into question. The announcement is expected to crank up the pace of bank foreclosures, which has slowed as government officials investigate whether some institutions have forfeited their right to repossess homes after forging key real estate documents
Fines are a recognized cost of doing business. Make 100 million, kick back 20 million and everyone gets a taste.
That's pretty much Warrens point, a few million or billion is nothing for banks like JP Morgan, if you really want to get their attention then put someone in jail, fines mean nothing to the large banks.
That's pretty much Warrens point, a few million or billion is nothing for banks like JP Morgan, if you really want to get their attention then put someone in jail, fines mean nothing to the large banks.
Too big to prosecute.
It's a well worn out opinion. That's the point of many here. Simply restating a point that many have made for years isn't exactly breaking new ground.
As I said in another thread, when she goes beyond simply stating an opinion many thousands have made before her, then I will give her credit.
The problem I have is not with her position. Obama has stated the same position over and over but hasn't done anything to actually follow it up. So many are willing to accept the right words coming out of a politicians mouth but then won't hold them accountable for not following those words up.
It's a well worn out opinion. That's the point of many here. Simply restating a point that many have made for years isn't exactly breaking new ground.
As I said in another thread, when she goes beyond simply stating an opinion many thousands have made before her, then I will give her credit.
The problem I have is not with her position. Obama has stated the same position over and over but hasn't done anything to actually follow it up. So many are willing to accept the right words coming out of a politicians mouth but then won't hold them accountable for not following those words up.
The DOJ has done very little other than photo ops, when Holder goes after a bank executive on criminal charges I will believe the tide has changes. He did start an investigation last year against HSBC but then backed off because according to him he was afraid of the negative impact on the economy, sounds familiar. Maybe we should be worried about convicting drug dealers, after all it might have a negative impact. I still find Warrens point of view refreshing, I have not seen any senator as a force when it comes to putting regulators on the spot
Quote:
We know no one will shut down HSBC because Senator Chuck Grassley (R, Iowa) asked Attorney General Eric Holder that question in a Senate Judiciary hearing on Wednesday, and Holder responded that he is "concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy."
The DOJ has done very little other than photo ops, when Holder goes after a bank executive on criminal charges I will believe the tide has changes. He did start an investigation last year against HSBC but then backed off because according to him he was afraid of the negative impact on the economy, sounds familiar. Maybe we should be worried about convicting drug dealers, after all it might have a negative impact. I still find Warrens point of view refreshing, I have not seen any senator as a force when it comes to putting regulators on the spot
Ron Paul did it for years. He exposed the trillions in hidden give aways to the banks. He fought for prosecutions for years but was blocked.
As I said, when she does more than just say the right words, I will give her credit.
It's a well worn out opinion. That's the point of many here. Simply restating a point that many have made for years isn't exactly breaking new ground.
As I said in another thread, when she goes beyond simply stating an opinion many thousands have made before her, then I will give her credit.
The problem I have is not with her position. Obama has stated the same position over and over but hasn't done anything to actually follow it up. So many are willing to accept the right words coming out of a politicians mouth but then won't hold them accountable for not following those words up.
It was the WH and DOJ that pressured state AGs to take the settlement from the banks with no further legal action to be done.
What Obama said to the public is not what he did behind the scenes.
Warren will get nowhere with this. The banks cannot be prosecuted now. Her own boss sided with the banks.
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