I fear this once proud nation has fallen into an abyss and there may not be any turning back. The latest evidence of this is found in the fact that the Democratic president is whoring for the banks and Wall Street and is in a street fight with a Democratic Attorney General, now offically know as, The Last Honest Leader In This Country, Eric Schneiderman.
Wall Street is not our Main Street, it is the epicenter of the biggest crime scene in the history of mankind. Schneiderman is not the AG of some podunk backwards and corrupt cesspool like, say….Floriduh…he’s the AG of New York….The epicenter of the crime scene. Now if this guy is standing up and telling the world that settling is not good….when the crimes happened in his backyard, well….maybe we should listen?
And as a reward for standing up for consumers Iowa AG Tom Miller (after being completely bought off by the banks), has taken aim and is attacking Schneiderman. We have to repeat over and over and over again that Tom Miller first pledged to put bankers in jail, then accepted bajillions of dollars in campaign funds then POOF! No more talk about jail, all talk about gladhandling the banks. But the real story here are the reports that President Obama is fighting against the America People in order to take massive campaign contributions from the banks and Wall Street…..this is an epic showdown, the outcome of which will determine where we end up as a nation….
But New York’s Schneiderman, who earlier this year launched an investigation into the securitization practices of Goldman, Morgan Stanley, Bank of America and other companies, is screwing up this whole arrangement. Until he lies down, the banks don’t have a deal. They need the certainty of having all 50 states and the federal government on board, or else it’s not worth paying anybody off. To quote the immortal Tony Montana, ” How do I know you’re the last cop I’m gonna have to grease?” They need all the dirty cops on board, or else the whole enterprise is FUBAR.
In addition to the global settlement, Schneiderman is also blocking an individual $8.5 billion settlement for Countrywide investors. He has sued to stop that deal, claiming it could ” compromise investors’ claims in exchange for a payment representing a fraction of the losses.”
If Schneiderman thinks $8.5 billion is an insufficient, fractional payoff just for defrauded Countrywide investors, then you can imagine how bad a $20 billion settlement for the entire industry would be for the victims.
In that particular Countrywide settlement deal, incidentally, it looks like Bank of New York Mellon, the New York Fed, Pimco and other players negotiated on behalf of defrauded investors. They told the Times they were happy with the deal, but investors outside the talks told Gretchen they weren’t happy with the settlement. Schneiderman apparently listened to those voices instead of the Mellon-Fed-BofA crowd, which infuriated the insiders who struck the actual deal.