Forum Post: President Obama Negotiates our Formal Surrender to Crony Capitalism – and the Nation Yawns
Posted 12 years ago on Jan. 2, 2012, 1:09 a.m. EST by jk1234
(257)
This content is user submitted and not an official statement
Post by William Black: http://neweconomicperspectives.blogspot.com/2011/12/president-obama-negotiates-our-formal.html
"Our economy and our democracy cannot succeed under crony capitalism. Please join me in writing to Congress, the administration, your state attorney general, the media, and any court that must approve this proposed settlement. It is a disgrace. President Obama is, of course, correct that some actions can be illegal but exceptionally unethical and damaging. He is about to take precisely such an action in derogation of his oath of office to defend and protect the constitution of the United States of America. The fraudulent CEOs of the banks that became wealthy by causing the financial crisis and the Great Recession are treating us as fools who will give trillion dollar plus gifts to the least deserving, most arrogant, and least ethical elites. Have we fallen so low as a people that we will allow this to happen?
Please join me in supporting the Attorney Generals of New York, Delaware, and California who have opposed this settlement."
And add this: Let's Fix The Fraudclosure Mess: http://market-ticker.org/akcs-www?post=199823
I'm behind those attorney generals 100 percent. I would be willing to go for a blanket settlement of sufficient size (plus admission of wrongdoing, of course) for all misconduct uncovered to date, with misconduct to date defined as any court case with a start date more than thirty days prior to the agreement. Releasing the banks from legal claims related to certain kinds of misbehavior amounts to selling them a big fat pardon, and given how hard times are and who is predominantly responsible for that hardship, this is likely to go over worse than Ford letting Nixon slide in '74.
"The article contained this clause: “Under the proposal, banks would be released from legal claims tied to servicing delinquent mortgages as well as certain mortgage-origination practices….”