Eric Schneiderman

Jamie Dimon’s Big $13 Billion Secret – The Truth Behind the JP Morgan Settlement

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“Afterward, West went into the office, where his first meeting of the day was with Holder and James Cole, the deputy attorney general, in Holder’s conference room. Just as he was telling the two men about his call with Dimon, his cellphone rang. It was Dimon again. West took the call, pacing back and forth at the far end of the room. Dimon proposed a meeting on September 26 and assured him that the bank would come back with a significantly increased offer. West agreed to recommend that Holder postpone the filing of Wagner’s complaint and meet with Dimon. That was an unprecedented move. It’s not every day that the attorney general of the United States postpones the filing of a civil complaint against a powerful Wall Street bank at the request of its CEO so that the two sides can cut a deal in private. Whatever was in Wagner’s complaint, Jamie Dimon did not want it to become public knowledge.”

– From William Cohan’s excellent article, Jamie Dimon’s $13 Billion Secret

Those of us who have been following the outrageous, unaccountable theft and criminality of the banking industry for many years reacted in a similar manner to the announcement of a $13 settlement late last year between JP Morgan and the Department of Justice. The first thought that crossed our minds was “no criminal prosecutions, another settlement of course.” Then, once the reality of the size of the settlement sunk in, we couldn’t help but come to the conclusion that no organization is going to cough up $13 billion unless there is some serious criminality at play.

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Wall Street Wins Again: The Much Vaunted Mortgage Task Force “Does Not Exist”

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You know why Jaime Dimon is always smiling and why the oligarchs in general are so arrogant?  They keep pillaging the American public and no one does anything about it.  The sheeple are so brainwashed at this point most of them will fall for anything.  Now, for the outrageous story of the day… From Salon:

Recent profiles of this event have called last night’s State of the Union the “anniversary” of the formation of the working group.  But you can’t really have an anniversary of something that never existed in the first place.  There never was a Residential Mortgage-Backed Securities working group, never a so-called task force dedicated to ferreting out Wall Street fraud — the deceptive origination of mortgage loans, sale of worthless mortgage-backed securities for huge sums, and subsequent unloading of toxic debt to unsuspecting buyers. The working group fails to exist as a tangible entity to this day.  What does exist is the same years-old Financial Fraud Enforcement Group that serves as a conduit for press releases about investigative actions already in progress.

Schneiderman’s “task force” (a generous appellation) was merely a politically motivated shell organization grafted onto that public relations strategy.  This was evident almost from the moment of the announcement, but the coalition of self-proclaimed bank accountability advocates, who had backed the administration into a corner over the lack of prosecutions, decided to align with Schneiderman and his kabuki task force, losing whatever leverage they may have had.  If those same groups who feel “betrayed” and “lied to” had stayed on the outside and shamed those in power into action, we would probably have more accountability today.

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House of “Representatives” Fails to Fully Fund Mortgage Task Force

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My Take:  There is no rule of law in America.  I repeat.  There is no rule of law in America.  I mean this is incredible, the House of “Representatives” couldn’t come up with $55 million to fund a task force to investigate mortgage fraud.  $55 million.  Yet we printed trillions to bail out the people … Read more