David Dayen | How the Schneiderman Panel Could Work

How the Schneiderman Panel Could Work

Here’s what my sources say about that aspect of things. The panel was attached to the existing financial fraud task force because it didn’t require a new executive order. It gives the New York AG new resources that he can take to his state to pursue claims under the Martin Act. In other words, if things are found out by the investigation, and it fits better under New York statutes rather than the federal ones, Schneiderman has that flexibility. If the state statutes on mortgage origination, for example, have run out, the federal origination statutes can be employed. In a best-case scenario, this investigation puts a lot of people on the case, and gives Schneiderman every tool to operate in that context. There may even be other AGs eventually named as part of this panel. I am also told that Schneiderman has some suits ready to release in the coming weeks.

What about a worst-case scenario, though? What if this is, as I suspect, an attempt by the Administration to ring-fence Schneiderman, to slow-walk these cases, and to bottle up any accountability in committee? Sources, who preferred to speak off the record, made this commitment: if the investigation is going in that direction, the New York AG will walk away. And not only that, he will walk away in the most showy, public manner possible, letting everyone know who was responsible for the lack of prosecutions. At that point, Schneiderman can go back and use his own resources and statutes, which while perhaps less flexible than what a state-federal partnership can do, are nonetheless potent.

So that may become a factor on the investigation panel. The White House already has felt the sting of being called out for their lack of response to the financial crisis. Perhaps (I’m not sure I believe this) they want to rehabilitate their own credibility in this area. It is an election year, and polling does indicate that the public wants a much stronger response.

Check out this one in its entirety here…

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4closureFraud.org

Comments
3 Responses to “David Dayen | How the Schneiderman Panel Could Work”
  1. lvent says:

    JEAN CLAUDE TRICHET ON CNBC SAYING ….WE ARE IN THE THIRD STAGE OF ZEE (EVIL PLAN) CRISIS…AND HE IS VERY IMPRESSESD WITH THE RESILIENCE OF THE GLOBAL PLAYERS…DIRTY SCUMBAGS!

  2. Mr. Schneiderman just sent out subpoenas to the 11 largest servicers… I am trying NOT to allow that to make my pulse jump. Still, he is making the right moves out of the gate. Hope springs eternal… if fragile. I can’t imagine being more jaded, but Mr. Schneiderman has consistently shown fortitude in this fight, and integrity. He deserves our faith… SO FAR.

    • lvent says:

      Good idea..going after the THIRD PARTY DEBT COLLECTORS WHO HAVE NO STANDING…MANY ARE ONLY LICENSED IN YOUR STATE AS DEBT COLLECTION AGENCIES IS WHAT I HAVE DISCOVERED…THEY ARE RECORDING ASSIGNMENTS NOTARIZED IN OTHER STATES…ILLINOIS REQUIRES NOTARIES TO BE IN THE STATE OR A BORDERING STATE….I DONT THINK FLORIDA IS A BORDERING STATE…HA HA..AND IT APPEARS THESE CROOKS PICK A NAME OFF OF A LIST OF NOTARIES BUT JUST HAPPEN TO BE A LETTER OFF..DECEPTIVE CROOKS!!

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