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View Diary: The man who stood between the Big Banksters and a clean get-away (56 comments)

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  •  Schneiderman Is a Sell Out & a Smokescreen Wake Up (9+ / 0-)

    Since January, Schneiderman has hired almost no one to actually do anything compared to the 1989 S&L Investigations and Prosecutions, and he won't. He has no support from Obama or Democratic party corporatists. Too many will settle for whatever indefensible excuse Obama tells you to rationalize and then , defend.:

    Contrast the June 4th nooze, linked above, explaining that Schneiderman hired one prosecutor, and compare that to:
    Obama/Schneiderman Mortgage Fraud Task Force has “no office, no phones, no staff and no executive director”

    Posted by 4closureFraud on April 18, 2012

    Obama’s mortgage unit is AWOL

    Schneiderman should quit this fraud

    On March 9 — 45 days after the speech and 30 days after the announcement — we met with Schneiderman in New York City and asked him for an update. He had just returned from Washington, where he had been personally looking for office space. As of that date, he had no office, no phones, no staff and no executive director. None of the 55 staff members promised by Holder had materialized. On April 2, we bumped into Schneiderman on a train leaving Washington for New York and learned that the situation was the same.....

    ...The promises of the President have led to little or no concrete action.

    In fact, the new Residential Mortgage-Backed Securities Working Group was the sixth such entity formed since the start of the financial crisis in 2009. The grand total of staff working for all of the previous five groups was one, according to a surprised Schneiderman. In Washington, where staffs grow like cherry blossoms, this is a remarkable occurrence.

    We are led to conclude that Donovan was right. The settlement and working group — taken together — were a coup: a public relations coup for the White House and the banks. The media hailed the resolution for a few days and then turned their attention to other topics and controversies.
    Tue May 15, 2012 at 06:07 AM PDT
    Eric Griego's New TV ad - Holding Wall Street Accountable+

    May 15, 2012 – Right now, this task force only has 55 investigators and prosecutors. The Savings and Loan crisis of the 1980s was staffed with over 1000 ... That effort yielded more than 600 convictions and $130000000 for taxpayers. One of...

    •  I guess I'm willing to give the guy the (7+ / 0-)

      benefit of the doubt. Reading the article at the American Prospect, this is somebody who gets things done.  Whether or not it's on the time table of people here, is another story. Look at what he's accomplished in his career outlined in the article.  The guy turned the entrenched NY Senate from Republican to Democrat.

      He has a momentous task ahead of him, needs resources and funding, but impresses me as the type of person who does not blow smoke and string people along. If he wasn't sincere, why didn't he just join on the bandwagon and accept the $20 Billion settlement and grant the banks blanket immunity and be done with the whole thing? No, he fought for more, and he got it. More money and immunity limited to the robo-signing.

      - Sigh - This fast-food I-Want-It-Now McDonald's mentality we live in: "Look what they did 20 years ago." Yeah, and how did they get the resources 20 years ago? Did the Republicans in the House block the funding?

      Here's another article on the subject that goes through all the back and forth arguments about what's being done and what's not being done:

      Many of the federal civil and criminal laws at the center of the housing investigation are only open for three to five years, pushing out of range potentially illegal actions that took place before 2007. But federal officials are also considering an obscure civil law passed after the S&L scandals in the 1980s that allows for a 10-year statute of limitations.

      Schneiderman secured several “tolling” agreements with potential defendants, an arrangement that freezes the legal clock.


      Schneiderman shrugs off the calls for him to consider leaving the mortgage fraud task force. He said in an interview that he signed up in part to get access to a larger staff and even wider circles of jurisdiction that include the DOJ, the SEC, the Consumer Financial Protection Bureau, the Department of Housing and Urban Development and the inspector general for the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac.

      “I’m by nature an impatient guy. I always want things to move fast,” Schneiderman said. But he added, “This is the only way we’re going to get this done.”

      Obama’s mortgage fraud task force under fire

      For me, Mitt reminds me of Jeff Bridges in Starman. He's like an alien that hasn't read the entire manual. You know, he's going, "Nice to be in a place where the trees are the right size." -- Robin Williams on Letterman 26 Apr 2012

      by hungrycoyote on Sat Jun 09, 2012 at 03:33:07 AM PDT

      [ Parent ]

      •  Timelines (3+ / 0-)
        Recommended by:
        cotterperson, native, hungrycoyote

        People don't seem to realize how long these things take. Invetigations from the bottom up, building a rock solid case, etc. I don't know how many times I've read a news story about some financial miscreant finally getting some of what he deserves, and can barely remember the details of the offense years ago.

        We recently had the death of one Danny Faulkner, a key player in local property flipping that led to S&L failures in the 80's. It took years before he was convicted.

        Flamboyant Dallas developer D.L. "Danny" Faulkner and three co-defendants were convicted Wednesday [November 1991]of looting $165 million from five thrifts through fraudulent land deals along Interstate 30 east of Dallas in the early 1980s.
        The so-called I-30 condo scandal was one of the early harbingers of the coming thrift crisis and was blamed for the $284 million failure of Empire Savings and Loan in Mesquite in 1984, at the time the largest thrift bailout ever.

        And it should be noted the shenanigans that led to the outcome took place years before the S&L failed. here's the timeline from a recent obit:


        1981 — Mr. Faulkner starts buying land in the I-30 corridor for as little as 33 cents per square foot. Property is eventually sold for as much as $15 per foot, with loans covering the cost.

        1983 — The FBI starts investigating.

        1989 — Mr. Faulkner’s first trial, in Lubbock, ends in a mistrial.

        1991 — He is convicted by a Midland jury.

        1995 — Mr. Faulkner starts a 20-year sentence.

        1998 — He is released after being diagnosed with terminal cancer. He is expected to live less than six months.

        May 30, 2012 — Mr. Faulkner dies from complications of pneumonia.

        from a bright young conservative: “I’m watching my first GOP debate…and WE SOUND LIKE CRAZY PEOPLE!!!!”

        by Catte Nappe on Sat Jun 09, 2012 at 08:13:29 AM PDT

        [ Parent ]

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