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View Diary: BREAKING: Obama to Appoint Eric Schneiderman to Investigate Mortgage Crisis (128 comments)

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  •  Except Schneidermann is a public figure. (1+ / 0-)
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    Andrew C White

    That means if he is proactive, he gets his way. The banker friendlies  may resist or put obstacles in the way, in which case he can go public and demand they put the objections to a publicity test or get out of the way.  Bankers rarely do well in public disclosure.

    I see a string of hurdles to getting this commission to do anything significant.  First is to hire technical staff, people really competent to ferret out the frauds and the racketeering that is the underlying cause.  Senior level and middle managers were heavily invested in this.  But it won't happen without a solid theory of the cases, and that is far flung and reaches beyond what the bankers want to see happen.  They will be looking to sacrifice some egregious mid level flunkeys who were personally corrupt or violated say, internal official policy as they helped the banks profit from the mess.

      Keeping the good name of the banks clean by throwing several expendables overboard and making it about fraudsters individually instead of systemic is the reason the bankers get the the appointments  to look into i their own frauds.  Gets the banks' approval for the PR campaign.

    Upon looking at this group, it may be a graceful way to keep Schneiderman busy and predictable for the next several months while preparing expectations about the banks to be dealt with later. Or managed down to an acceptable wristslapping exercise-to the banks.

    if he had gotten his own commission, freedom to pick allies, it would look a lot more promising than it does now.

    If you think that you and a bunch of other people can just show up on Wall St, camp out and have any effect whatsoever.... well, you will be run off in 20 minutes., you will leave town having wasted your effort 6/18/11.

    by BeeDeeS on Wed Jan 25, 2012 at 08:25:52 AM PST

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