That man is Eric Schnederman. Last night he talked those of us gathered us here for Nertroots Nation and I urge you to watch the video of his speech. He spoke about the Robo-Signing Scandal the distinction between Transactional Change and Transformative Change and the future of the Progressive Movement.
This come from the cover story in the American Prospect about Eric Schnederman's role in the Robo-Signing Scandal. If you can please take the time to read the whole article.
The Man the Banks Fear MostSchnederman went to a Conference of all 50 State's AG where the proposed settlement of the Robo-Signing Scandal was the main topic of discussion
By Harold Meyerson
The Justice Department, the Department of Housing and Urban Development, and the state attorneys general had initiated talks with Bank of America, as well as JPMorgan Chase, Citibank, Wells Fargo, and Ally Financial to arrive at a settlement for these abuses. As the only state law-enforcement official with direct jurisdiction over Wall Street, Schneiderman had been named to the committee the attorneys general had established to negotiate with the banks. He asked his aide how the talks were going.
“I was told it was being handled,” he says. The administration, his aide informed him, had proposed that the banks come up with $20 billion for aggrieved homeowners and former homeowners. Schneiderman wasn’t satisfied. What documents, he asked, had been subpoenaed? None, he was told. Who’d been called in to testify? Nobody, he was told. Most important, what did the banks want in return for paying the penalty? The aide responded that the issue had never been raised. Schneiderman was shocked.
“This didn’t make any sense,” he says. “You can’t negotiate anything like this without knowing what you’re giving up. We get $20 for what? A tie clip? A car?”
The more Schneiderman pressed his new colleagues on the direction of the talks, however, the more displeased he became.His message is clear. His success depends mostly on us because its up to us to keep making the transformational change began last year by OWS. Last year was a solid start, but we must keep building on it to sustain the process of Transformative Change. Its a lot of work but we all need to become a part of it for it to work.
The primary concern of the attorneys general was how much and how quickly the banks would pay and whether they’d be compelled to write down the amount homeowners owed them. Important questions, but what about what the banks wanted in return? That would only come up, Schneiderman was told, at the conclusion of the talks. His Republican colleagues were focusing on giving the banks a less costly alternative to writing down mortgages. His Democratic colleagues were pushing for a prompt payout to beleaguered homeowners. How broad a release the banks would demand had become a side issue.
Consider the alternative.
I have to say something about the American Prospect. This magazine is the best publication in the Progressive American Universe. I've been a subscriber for a number of years and the writing is top notch. Like much of the magazine industry the American Prospect is having a hard go with it the changes in the media. The American Prospect is a 501(c)(3) nonprofit organization. They need our help to continue. But this is more than a magazine it is a sounding board and an important component of the Progressive Movement's intellectual infrastructure, and as such it would be a shame to see this outstanding publication go away. Its up to us to help our friends in need, and this good friend shouldn't be ignored.