Thursday, November 17, 2011

Obama Administration Still Protecting Crooked Banks

The November 14, 2011 New York Times reports on the continuing effort of the Obama Administration to protect big banks from a proper criminal investigation:
Then there is Eric T. Schneiderman, New York’s attorney general, caught in Month 5 of a face-off with the White House. President Obama dearly wants to seal a deal in which the nation’s largest banks toss over a few bales of cash — $20 billion to help with foreclosure relief — and the state attorneys general agree not to pursue sprawling and explosive legal cases against the banks.
Mr. Schneiderman and Attorney General Beau Biden of Delaware, joined by a few others, say no. Banks, they say, should disgorge more documents, testify more precisely and prove more completely that they own millions of mortgage notes. These rebel attorneys general want the banks to hand over more than $200 billion, which would enable the government to write down tens of millions of mortgages.
But in the end, their argument is elemental: Wouldn’t the nation benefit from knowing the truth about the behavior of banks and bankers?
If a Republican administration were pulling something like this, it would be on the national news every day.  But the President from Goldman Sachs is doing it, so no one much cares.

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