When President Obama stood before Congress and the American People three months ago and promised to hold those behind the housing crisis ‘accountable’, I was hopeful.
In the days that followed, his new field general Eric Schneiderman was unveiled and almost immediately action was taken.
When Schneiderman issued subpoenas, just days after the President appointed him to run his new Residential Mortgage-Backed Securities Working Group, I thought that perhaps, FINALLY, a corner had been turned.
But it’s becoming clear to me now that the train that is the RMBS Working Group hasn’t left the station, and depending on who you believe, there may not even me a station built yet!
After those few weeks of full-court press by Schneiderman, there hadn’t been a peep about the status of the Working Group’s investigation. Yes it may have only been three months, yet I fear that the bold vision you and I were sold might turn out to be just another empty promise.
The press only turned its attention back to the Working Group after a brutal Op-Ed in the New York Daily News. The co-directors of the Metro Industrial Areas Foundation, a citizens coalition group, called Schneiderman out and said they had yet to see any footprint of the RMBS Working Group’s investigation.
The 55 staff members promised by Attorney General Eric Holder were nowhere to be found, the pair claimed.
Yet even this Op-Ed could only draw Schneiderman’s mouthpiece out of the woodwork, rather than the Attorney General himself.