“Very Pro-Wall Street” | So Much for Schneiderman Being Tough on the Street

So Much for Schneiderman Being Tough on Wall Street

As regular readers no doubt recall, Eric Schneiderman abandoned the dissident state attorney general effort to get a better mortgage settlement, assuring the Administration a win on this sellout to the banks. The bright shiny prize Schneiderman got in return for his betrayal was serving as one of five co-chairmen on a Federal mortgage task force, which appears to have gotten close to nada in resources beyond the staff in various Federal agencies who were already working on mortgage investigations. And given that were are now close to a full five years past the origination of toxic subprime deals, those existing investigations don’t exactly look to have been pursued with much in the way of vigor.

We’ve criticized the Schneiderman sell out, yet the PR push to position him as the True Hero of What Passes for the left continues apace, including some ham-handed efforts like the American Prospect’s “The Man the Banks Fear Most“.

Schneiderman today proved the skeptics to be correct (hat tip reader Peter). From a writeup in the New York Law Journal of a presentation Schneiderman made on white collar crime. It seems Schneiderman is in favor of it:

Noting his role as co-chair of President Barack Obama’s mortgage-fraud task force, he said that he was “very pro-Wall Street” and had represented some financial services firms in private practice.

You can check out the rest here…



13 Responses to ““Very Pro-Wall Street” | So Much for Schneiderman Being Tough on the Street”
  1. skeptical says:

    Bobbi, that it hasn’t been decided that wall st needs to be buried is beyond me- it’s mind blowing that so many are apathetic- just don’t care. No one would like to see the elimination of this nasty, destructive element more than I would, but in NY, you’re dealing with people who don’t know how to look at things objectively- they’re too buried in the b.s. (stockholm syndrome?) They’ve been trained from birth to view the crooks as brilliant- not the lazy, criminal minded, morally devoid assholes that they are. They have big houses and nice cars- that’s enough to foster respect. I couldn’t care less if NY ends up in the toilet- but I’m not counting on it. In the meantime, my state of choice is letting the banks run roughshod over homeowners, and the foreclosures, well, they just keep coming there. So much for “letting the system work to cleanse itself”- biggest lie going.
    On the other hand, with a friend who’s been in his NY house for five years (attempted all avenues with no cooperation from bofa), watching the debacle as the bank finds itself helpless to give him the boot is a very rewarding bit of vicarious living! He’d be long gone were he in Colorado, and many other states.
    I believe, possibly incorrectly, that Schneiderman’s position has created just enough caution that the bank lawyers are showing their own bit of ball-less-ness, which has superceded their lawlessness.
    My friend is laughing all the way to the credit union.

  2. skeptical says:

    Bobbi, as a transplanted (and utterly-disgusted-with-wall-st) Colorado person to NY, until you live in NY, it’s hard to understand the twisted love affair that NY’ers have with Wall st. Schneiderman is no exception- NYC has allowed WS to interfere with the economy in a small scale (those bonuses go a long way for those “clerks to the jerks.”) It’s mind blowing that NYers are so utterly convinced that they would be dead in the water without this industry. So, it’s no surprise to see politicians unable to vilify the industry- they’re convinced, as well that the industry has propped up the NY economy. With that understood, Schneiderman has done FAR MORE than ANY AG ANYWHERE- foreclosures are a crap shoot for banks here, and lawyers for banks are intimidated by the NY process- can’t say that for Florida, or other hard hit areas. So, while it might be disappointing to understand that Schneiderman supports Wall St, his actions indicate that his support does not include that of judicial fraud, scummy bank lawyers submitting false docs, etc. All I’m suggesting is that, given Schneidermans proactive and very clear disdain for the wall st crooks, and his willingness to force banks to cough up a legal foreclosure or sit on the sidelines in a pathetic posture of “wait and see because we filed fraud with the courts”, vilifying him for being part of the wall st culture of support is assuming that he supports the wall st fraud- his actions suggest the opposite. Readdocs, not sure what state you’re from- how’s it going in your state and how has your AG handled the process? Any lawsuits filed, or a standstill on foreclosures actually getting accomplished? Not asking to be mean- just wondering if you have a basis for comparison.
    Can’t wait to get back to Colorado, but if you want to see a truly pathetic bit of governership when it comes to banks, Colorado takes the cake.

    • Bobbi Swann says:

      Love affair or no, when the shit finally hits the fan (and it will) when the rest of the country has decided that WS needs to be buried, you had best make your move back to Colorado in a real hurry b/c those NY’s are going to be in dire straights for not preparing for the worst. As far as Schneiderman goes, well I’d rather be on the side of the Lord and not so sure that I would see Schneiderman there as well. The good deed of him getting the banks to sign on the Mortgage Fraud Agreement, well, let me tell you, it all flows right back into the banks and gov’t entities – not a bit for the homeowners. Already, we have cities that are using the funds to offset their negative balance sheets in order to fund their current budgets!!! Cracks ass if that agreement helped anyone else but those it served!!!!!!!!

  3. jaclyn says:

    Agreed “readdocs” Stay strong, keep fighting back..play it out in the courts “With the truth… as often as you can…as loud as you can….as concise as you can.”

  4. readdocs says:

    Speaking his truth? WTH is that, anything that originates and comes out of his head?
    If you want it done right, you have to do it yourself. The growing number of private citizens
    taking the banks to court is the way, it costs them and exposes their criminal behavior to
    the public. Stand your ground.

  5. UnBEElivable says:

    Don’t worry folks! We have Pam Bondi in Florida, who will come to the rescue and stop fraudulent foreclosures…NOT!!!

  6. Sal says:

    The only hope is to sue the individuals, not the ‘banks’. Sue the loan brokers/originators, the loan officers. We were victimized by rogue operators who were racketeers in the employ of banks. If you are injured by a bank employee, or an employee of a mortgage broker, or a criminal within the Federal Government, sue them personally. Forget the banks. Let the individuals fear the cost of their wrongdoing. Rackets are made of individuals.

    • incognito123 says:

      Along those lines, which you are quite correct, corporations are DEAD entities and can’t do anything. It is the PERSON, HUMAN BEING hiding behind that corporation shield doing all this destruction, so again, you’re dead on here!!

      • Bobbi Swann says:

        Sal & Incognito – It should be sue the personal “officers” of those corporations. Your thinking to sue everyone down the line is pure stupidity – they don’t have the stolen money! Bring down the ones in “control”. Suing a broker or a loan officer at the lowest level is like killing one ant in an anthill and thinking the whole mound will fall!!! You get to the “queen” like bees and ants – not the workers at the bottom. Can’t get to them at the shareholders side either as most of the execs hold a “majority” of the stock in those banking corporations and then are rewarded each and every year with more and more stock options…..so you say sue the employees? Ah, yes, turn on each other…..exactly what they want to see you do!

  7. talktotennessee says:

    A man once said, “Keep your friends close and your enemies closer.” This is not surprising information as many players position themselves to be purchased. The existence of much of our government programs is for their self-enrichment.
    Move along, nothing new here! Stop placing hope in politicians and support movements like OCCUPY/OWS. Civil disobedience and voice opposition through blogs, forums like this one. Write, protest and call your own politicians to task for their failure to support their constituents. Expose!!!! Tackle Schneiderman for his failure.
    It is the only valid way to make politicians FEAR you more than Wall Street, if it costs them their positions. You know what GOP supporters do to ALL Democrat candidates, Democrats do much the same, they dig in the dirt surrounding the candidate to bring him down to size, expose!.
    Fight fire with fire, sling a little mud at our dissenters who would ignore our just causes!

  8. skeptical says:

    Give the guy a break. In NY, the foreclosure activity overall is at a near standstill, unlike other judicial states. What he appears to be doing is allowing the banks to lie in the beds they made- which has the lawyers unwilling to lie in the verbal sense (affirmations). Wall street’s trickle down effect on the NY economy has become an important part of life there, so to operate without cognizance that it has to exist for the benefit of NY as a whole would be naive- wall st. is an integral part of the NY economy. Shouldn’t be, because everywhere else has staple industries that aren’t nearly so disgusting and despicable, but it is what it is- from doormen to taxi drivers to store clerks, they need that industry. The day when they wake up and minimize that industry to a level that’s appropriate won’t happen in my lifetime.
    At least he isn’t backing down yet on the rule of law, and providing run arounds for the banks- when that happens, it will be a really sad day. Until it happens, can’t vilify the guy for speaking his truth.

    • Bobbi Swann says:

      The problem is Skeptical, is that the banking industry although rooted in NY does not stop there. The tentacles spread across the country like the arms of an octopus, crushing and destroying everything that it wraps around! It’s just that the main body lies in deceit in NY. Your thought process is just how they WANT it to be…think of Sodom & Gomorrah…”12 The two men said to Lot, “Do you have anyone else here—sons-in-law, sons or daughters, or anyone else in the city who belongs to you? Get them out of here, 13 because we are going to destroy this place. The outcry to the Lord against its people is so great that he has sent us to destroy it.” The angels showed mercy to Lot’s family. I am not sure that the American people will have the same towards ALL the evil in Wall Street.

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