Naked Capitalism | Banks Win Again: Weak Mortgage Settlement Proposal Undermined by Phony Consent Decrees

Banks Win Again: Weak Mortgage Settlement Proposal Undermined by Phony Consent Decrees

Wow, the Obama administration has openly negotiated against itself on behalf of the banks. I don’t think I’ve ever seen anything so craven heretofore.

As readers may recall, we weren’t terribly impressed with the so-called mortgage settlement talks. It started out as a 50 state action in the wake of the robosigning scandal, and was problematic from the outset. Some state AGs who were philosophically opposed to the entire exercise joined at the last minute, presumably to undermine it. Not that they needed to expend much effort in that direction, since plenty of Quislings have signed up for the job.

The supposed leader of the effort, Tom MIller of Iowa, promised criminal prosecutions, then promptly reneged. His next move was to get cozy with the Treasury, presumably out of his interest in heading the Consumer Financial Protection Bureau. Federal regulators, such as the OCC and the Fed, who do not like being upstaged by states, were similarly keen to exert “leadership”, which really meant “lead a hasty retreat from anything that might inconvenience the banks.” So Miller, who was supposed to be representing the interests of the states, was instead working with the Treasury et al. to beat the state AGs into line (and separately, since the state and Federal legal issues are very different, the idea of having a joint effort was questionable from the outset). Not only have some Republicans (predictably) rebelled, but so to have the more aggressive Democrats, such as Eric Schneiderman of New York, Lisa Madigan of Illinois, and Catherine Masto of Nevada.

Check out the rest here…


8 Responses to “Naked Capitalism | Banks Win Again: Weak Mortgage Settlement Proposal Undermined by Phony Consent Decrees”
  1. Whatajoke says:

    To Agage 46

    Don’t you get it? They’re all the same, no matter who you vote for. They are always going to cover up for the crooked ways of the “too big to fail banks. We are all royally screwed…unless you are wealthy!!!

  2. Can we Recall the whole government ? : )

  3. l vent says:

    I am sorry, I dont think we “elect” anyone when we “vote”. I think VOTING IS A RIGGED GAME.. I I like what Dylan Ratigan’s guest had to say last fall, if you really want to piss them off DONT VOTE FOR ANY OF THE BASTARDS! Come on do these politicians seem to fear us? Obama’s election is a year and half away and he is ignoring us, they are all ignoring us. Republican, Democrat, blah, blah, blah. It is all BULLSHIT. MEET THE NEW BOSS, SAME AS THE OLD BOSS IS MORE LIKE IT. ELECTIONS ARE A WHOLE LOT OF BULLSHIT. They want us to “think” our vote counts. What a crock of shit. I say we start a DO NOT VOTE FOR ANY OF THEM CAMPAIGN. THEN THE JIG WILL REALLY BE UP. THAT IS WHAT THEY REALLY FEAR. TIME TO THINK OUTSIDE OF THE BOX IN 2012. For a funny take on the truth about voting go to YOU TUBE and SEARCH FOR THE VIDEO: WHY GEORGE CARLIN DOES NOT VOTE. THEN LOOK FOR GEORGE’S VIDEO:. WHO OWNS THIS COUNTRY. OLD GEORGE HAD IT RIGHT. I MISS HIM. We need more like him, he was a genius and way ahead of his time. He saw this coming a long time ago he saw the writing on the wall. George was soo funny and soo briliant.

    • l vent says:

      HERE ARE THE NAMES OF THOSE FUNNY AND BRILLIANT YOU TUBE VIDEOS BY GEORGE CARLIN. JUST YOU TUBE SEARCH THEM: GEORGE CARLIN- THE AMERICAN DREAM, GEORGE CARLIN-DOESN’T VOTE, GEORGE CARLIN-YOU HAVE NO RIGHTS. I think we could all use a good laugh sometimes and these videos are funny although George speaks the sad truth about the dumbing down of the AMERICAN PEOPLE. .

    • I vent…George Carlin was my favorite from way back…Yes, I also miss him.. Just wish he was here to make A$$es out of all the corrupt scums, he was the man to do it. He saw alot of issues that didn’t make any sense and opened alot of minds to reality. He is probably looking down on America and the corruption… and saying ‘ I told you so….now go Park in your driveway and Drive on the Parkway.’..LOL
      From now on I will not vote….as far as I am concerned they all are off the same blueprint…and I feel the voting system is rigged. To be a politician actively engaged in politics, often used with implications of seeking personal or partisan gain, scheming, etc….Webster’s New World Dictionary. Another issues that burns me is the lobbyists….many people have been charged with taking bribes, a felony, and faced prison…yet…the lobbyists have been dishing out bribes forever to governments both federal and state…yet that is allowed…what the hell is the difference..?….Why is Madoff in prison for 150 years??? He FRAUD SCHEME was elementary compared to these fraud racketeering lying bastards that this government is bed partners with….OH..THAT’S RIGHT…MADOFF TOOK FROM THE WEALTHLY…THAT IS WHY HE IS IN PRISON….AND THAT IS THE ONLY REASON HE IS IN PRISON….NOT BECA– USE HE HAD A PONZI SCHEME TO GAIN HUGE PROFITS…..HIS PONZI DID NOT TAKE MILLIONS OF HOMES WITH FRAUD…HE DID NOT RUIN ANY COUNTRY…SO WHY IS HE IN PRISON FOR 150 YEARS AND THE FRAUDSTERS BANKSTERS ARE STILL MAKING MILLIONS UPON MILLIONS IN DEEP POCKETS ? NOT ONE HAS BEEN ARRESTED….AMERICA…IT IS TIME TO TURN THIS AROUND….STAND UP FOR YOUR RIGHTS…LET THEM ALL KNOW YOUR ANGER…LET THEM KNOW WE HAVE HAD ENOUGH OF THEIR BULLSHIT CRIMES AND LIES. THE BANKSTERS THROW THE ORDERS AND LIES…THROW IT RIGHT BACK IN THEIR FACE…LET THE GOVERNMENT KNOW IT HAS GONE FAR ENOUGH….WE HAVE THE POWER..– USE IT. LET’S GET OUR COUNTRY BACK FROM THE EVIL SICKO’S……AND THEY KNOW WHO THEY ARE.

  4. Pamela says:

    So once again our elected officials cave to save thier pension plans and retirement funds.Election time is right around the corner,these people have become so complacent that they can no longer be depended on to do the job that we the people elected them to do.They should go to jail too for being complicite to the fraud being perpetrated against the citizens of the USA and the country itself.This is what happens when there is no accountability or resposibility for the job you do!!

  5. talktotennessee says:

    Yes, vote those pesky double dealing no-good back-stabbing people out of office!!
    Now which party are they affiliated with?
    Hmmm, all in the same bed you say?
    What to do – what to do!!!!!
    With over half the country watching reality tv garbage, while the economy goes down the toilet, who is outraged enough to revolt?
    Come election time, couch potatoes will believe the same old garbage! Guns, baby-killers, gay rights. (for or against) and we will re-elect more of the same on both sides who when they get to Washington will get in bed with the lobbyists, Wall Street, etc. Full circle.
    People are so predictably dumb.

  6. agage46 says:

    The people would have there say so in the month of november, we would make sure that justice would be served by putting some of these crocked people on the unemployment line and out of office . lets take back our public office . ELECTION TIME IS AROUND THE CORNER …

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