Former Mayor of New York City, Ed Koch, to President Obama “Stop the Great Bank Heist, it is NOT of the Banks, but by them”

Mr. President, Stop the Great Bank Heist

Ed Koch Former Mayor, New York City

A New York Times editorial of November 9, 2011 sounded the alarm concerning what I would refer to as the Great Bank Heist. The robbery, however, is not of the banks, but by them, with the Obama administration, I regret to say, helping them, in effect, to rob the public.

Banks and the government are intent on reducing the liability of the banks for their fraudulent and negligent conduct that led to the Great Recession. The two articles that best describe what is going on are the Times‘ editorial and a joint statement written by the attorneys general of New York and Delaware, Eric Schneiderman and Beau Biden, which appeared in Politico on November 6, 2011. The two attorneys general wrote:

We recognized early this year that, though many public officials — including state attorneys general, members of Congress and the Obama administration — have delved into aspects of the bubble and crash, we needed a more comprehensive investigation before the financial institutions at the heart of the crisis are granted broad releases from liability.

The Times editorial describes why Eric Schneiderman, Beau Biden and Kamala D. Harris, Attorney General of California, have refused to join the 47 other attorneys general who have agreed to the settlement.

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