Just so we're clear who's in charge

From the Financial Times :

Big US banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that is proposed to limit part of their legal liability in return for a multibillion dollar payment.

The talks aim to settle allegations that the companies – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial – illegally seized the homes of delinquent borrowers and broke state laws by employing so-called “robosigners”, workers who signed off on foreclosure documents en masse without reviewing the paperwork.

This deal has been in the works for awhile, with attorneys general in New York, Delaware, Massachusetts and Nevada balking at a deal that quashes any further investigation into criminal wrongdoing by the banks. But dodging a perp walk is still on the table, says the Financial Times  [emphasis mine]:

Still, the banks called the states’ counterproposal, sent to the lenders about a month ago after the companies initially requested an in effect grant of immunity from a raft of alleged civil violations, a “non-starter”.

Just so we're clear ... the alleged criminals are dictating to fifty state attorneys general what deal is a “non-starter.”

(Cross-posted from Scrutiny Hooligans.)

Comments

As long as the AG from NY doesn't sign off, there's some ...

hope of 'justice'. We don't have a chance if we depend on the useless Fed AG, because he only prosecutes pot smokers. But the financial center is in NY, and historically the NY AG can make big problems for these financial parasites and crooks that have been endorsed by our Administration and most of Congress.

Where does Roy Cooper stand?

Schneiderman is not alone. The deal looks shaky and may fall through by itself. Activists I know from around the country are taking a mutli-pronged approach both in public and behind the scenes to quash any "get out of jail free" deal.

Locally, NC AG Roy Cooper (919-716-6400) answers to us. You can call his office and express your disapproval of any "get out of jail free" deal.