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

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.

This is the key point.  There are no offices, no phones and no staff dedicated to the non-task force.  Two of the five co-chairs have left government.  What “investigators” there are from the task force are nothing more than liaisons to the independent agencies doing their own independent investigations.  In the rare event that these agencies file an actual lawsuit or enforcement action, the un-task force merely puts out a statement taking credit for it.  Take a look at this in action at the website for the Financial Fraud Enforcement Task Force, the federal umbrella group “investigating” financial fraud.  It’s little more than a press release factory, and no indictment, conviction or settlement is too small.  The site takes credit for cracking down on Ponzi schemes, insider trading, tax evasion, racketeering, violations of the Americans With Disabilities Act and a host of other crimes that have precisely nothing to do with the financial crisis.  To call this a publicity stunt is an insult to publicity stunts.

The day of the announcement, the Campaign for America’s Future, MoveOn.org, the New Bottom Line, the AFL-CIO, the Campaign for a Fair Settlement and more all sent out glowing press releases touting the president’s leadership and the tremendous opportunity presented by the task force.  MoveOn called it “the biggest victory yet for the 99%.”  This was farcical.  The announcement collapsed the unified front against the foreclosure fraud settlement, which has delivered little meaningful relief to families and no accountability to Wall Street.  The task force never even got started.

Full article here.

In Liberty,
Mike

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