It’s called doing the right thing for consumers!
New York Attorney General Eric Schneiderman stands alone on the side of the consumer, seemingly everyone else against him.
The banks are trying to wipe out all of the potential claims against them, and they are being helped by the Obama administration, the Federal Reserve, and most of the State Attorney Generals. Only one man, New York Attorney General Eric Schneiderman, seems to find anything wrong with the idea that the banks should pay only $20 billion to wipe out all liability from their widespread fraud, perjury, and tanking of the world economy.
Now the Obama administration is in a full court press trying to get Mr. Schneiderman to drop his objections. Housing and Urban Development Secretary Shaun Donovan has reportedly been calling the AG’s office to try to get Mr. Schneiderman on board with the patented “Get out of jail for a pittance” plan.
Thankfully, Mr. Schneiderman seems to have other, more radical, ideas like actually doing his job. He has opened numerous inquiries with real, live experts to look into the well documented systemic disregard for the law and ethics.
Mr. Schneiderman also sued to stop Bank of America from rushing through their $8.5 billion settlement with investors in Countrywide’s mortgage backed securities (MBS). While the big boys like the New York Fed and Bank of New York Mellon secretly negotiated the settlement, they are refusing to let other plaintiffs, like teachers’ pension funds and retirees in Europe, see if the deal is fair.
Apparently, such action was too much; the AG simply crossed the line by protecting teachers and retirees.
Kathryn Wylde, a board member of the New York Fed charged with looking after consumers¸ reportedly told Schneiderman “it is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. Wall Street is our Main Street — love ’em or hate ’em. They are important and we have to make sure we are doing everything we can to support them unless they are doing something indefensible.”
Oppenheim Law would like to commend Attorney General Schneiderman for doing the right thing and standing up for consumers, even if it is inconvenient for Obama’s reelection coffers.
From the trenches
