POLITICAL observations & opinions

* an awful decision by the Obama administration … Obama should offer a better explanation than Geithner’s and Donavan’s lame statements

Posted by Lew Weinstein on August 24, 2011

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NY AG Eric Schneiderman

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Shahien Nasiripour reports for the Huffington Post (8/24/11) …

  • New York Attorney General Eric Schneiderman on Tuesday was kicked off the committee leading the 50-state task force charged with probing foreclosure abuses and negotiating a possible settlement agreement with the nation’s five largest mortgage firms, according to an email reviewed by The Huffington Post.
  • Schneiderman was one of roughly a dozen state attorneys general leading the talks with the five companies, alongside representatives of the U.S. Department of Justice, the Department of Housing and Urban Development and other federal agencies.
  • But state prosecutors and federal officials are pressing to complete a proposed settlement with the five companies even though they’ve initiated only a limited investigation that hasn’t examined the full extent of the alleged wrongdoing.
  • Schneiderman, a Democrat who’s in his first term as New York’s top law enforcer, has been among a group of state legal officers who has also questioned the desire for a speedy resolution.
  • The Obama administration officials — in particular, Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan — have publicly stated on numerous occasions that they want a quick resolution to the 50-state mortgage probe.
  • Sources said attorneys general like Schneiderman, along with the top legal officers from Massachusetts, Delaware and Nevada, among others, were complicating that goal by questioning the plan to scuttle the state and federal investigations in exchange for a settlement.

read the entire article at … http://www.huffingtonpost.com/2011/08/23/new-york-attorney-general-eric-schneiderman_n_934517.html?utm_source=DailyBrief&utm_campaign=082411&utm_medium=email&utm_content=NewsEntry&utm_term=Daily%20Brief

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LMW COMMENT …

An awful decision by the Obama administration. What’s the hurry? The banks being investigated put the whole country in jeopardy with their irresponsible and likely illegal behavior. This warrants a full investigation and criminal charges if appropriate. Obama should offer a better explanation than Geithner’s and Donavan’s lame statements.

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3 Responses to “* an awful decision by the Obama administration … Obama should offer a better explanation than Geithner’s and Donavan’s lame statements”

  1. Lew Weinstein said

    You’re right. It’s an ugly system, involving people in both parties, and many individuals who are in politics for their own personal gain. One of the major underlying issues is campaign financing and the need for huge sums of money to run for office. There have been efforts to reform campaign financing but they always fall short. We can seek to elect candidates who promise reform in this area, and keep track to see if they stick to their promise. The internet helps because it adds so many potential sources of information beyond the mainstream press, which is also part of the system and too often part of the problem. Forums like The Daily Beast and Huffington Post often provide independent investigative journalism.

    • Chris said

      This 20 billion deal will be a terrible loss to the American public in many ways. The state of Florida lost more that 60 billion in its pension funds from these MBS. This deal would prevent any further litigation against the firms and banks that unloaded their MBS’s on state pension funds. Yet in the bailout from the fed the banks received 100 cents on the dollar for their toxic debts.

  2. Chris said

    Look at the revolving door in Washington DC. It is directly connected to Wall Street which is to say big banks. Wall Street and Washington have corrupted themselves.

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