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(Talking Points Memo)   NY attorney general: 'We reserve the right to assemble a task force to study the feasibility of appointing a committee to investigate the possibility of constituting a grand jury to potentially weigh evidence of wrongdoing by banks'   (tpmdc.talkingpointsmemo.com) divider line 48
    More: Unlikely, New York State Attorney General, Netroots Nation, Eric Schneiderman, misconduct, committees  
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840 clicks; posted to Politics » on 08 Jun 2012 at 6:00 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-06-08 04:05:19 PM
PROVIDENCE, R.I. - Americans can expect to see tangible results this fall from the task force President Obama created to investigate the financial crisis, New York State Attorney General Eric Schneiderman told TPM Thursday.

Previous reading, in case you need an introduction.

Eric Schneiderman vs. Wall Street and its political servants

On behalf of Wall Street, Obama officials pressure the NY State Attorney General to put an end to investigations

Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal.

On the one side is Eric Schneiderman, the New York Attorney General, who is conducting his own investigation into the era of securitizations - the practice of chopping up assets like mortgages and converting them into saleable securities - that led up to the financial crisis of 2007-2008. On the other side is the Obama administration, the banks, and all the other state attorneys general.

Prosecuting Wall Street, pt. 1
December 4, 2011 4:02 PM
Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven't the companies or their executives been prosecuted? Steve Kroft reports.


Matt Taibbi: A whistle blower says the agency has illegally destroyed thousands of documents, letting financial crooks off the hook.
 
2012-06-08 04:06:43 PM
If J.P. Morgan will let them
 
2012-06-08 04:08:33 PM
Hooker problems for the NY AG in 3...2...1...
 
2012-06-08 04:08:57 PM
Way to commit, there.
 
2012-06-08 04:17:21 PM

NowhereMon: Hooker problems for the NY AG in 3...2...1...


Anyone else infuriated about the obsequious prostitution and drug culture described by many for Wall Street - and how this was used to after their last nemesis?
Bloomberg
``Brokers aren't looking for highly technical Ph.D.s and MBAs,'' Stemp said. ``They're looking for personality people, with a decent education and sharp wits.''

The entertainment can go further than expensive restaurants and bars. According to a complaint filed by former Tradition broker Brett DiLiberto in the Southern District of New York and made available on electronic databases, the firm ``regularly paid prostitutes to entertain traders.''

DiLiberto, as part of his job, frequently ``visited brothels masquerading as massage parlors,'' and was ``required as part of his entertaining duties to retain other prostitution services,'' according to the complaint. DiLiberto also said he went on a January fishing trip to Costa Rica in 2006 that was an ``extended orgy.'' On one occasion, DiLiberto said he was recalled from vacation to attend a ``customer drinking and drug party.''

Prostitutes, Strippers

Cawley is now CEO of New York-based IDX Capital, another derivatives firm. ``False and defamatory allegations were made against Mr. Cawley three years ago because he attempted to change this culture,'' according to an e-mailed statement from spokesman Lewis Goldberg. Cawley is suing for libel, Goldberg said.

Brokerage firms spend as much as 5 percent of their revenue on entertaining, Citigroup's Fandetti said. On fees of $10 billion, that would come to $500 million for the industry.

GFI ``has a longstanding policy of not reimbursing employees for adult entertainment,'' according to a statement.
 
2012-06-08 04:26:14 PM
FTFA:"Schneiderman's speech stopped short of specifics for the task force. He gave credit to progressive activists and the Occupy movement's role in public discourse, saying "true change requires movement-building" and "officials don't create movements, movements create leaders." "

What in the blue fark? If you have proof the banks have engaged in illegal activity then fine. Prosecute them. But if your prosecutor is cheerleading a political movement he needs to be removed STAT!

/does not condone political witchhunts
 
2012-06-08 04:38:35 PM
Suck it banks! Let the wrist slapping commence!
 
2012-06-08 04:47:05 PM
As Party Boy's post shows, if there is one person who has the will and desire to really go after the banks, it's Schneiderman. I'm sure he will get shut down somehow, though.
 
2012-06-08 05:00:38 PM
We need someone like him.

www.awesomeoff.com
 
2012-06-08 06:03:37 PM

sammyk: But if your prosecutor is cheerleading a political movement he needs to be removed STAT!


Why?
 
2012-06-08 06:05:27 PM
Whoa, whoa! Slow down, geez.
 
2012-06-08 06:08:25 PM
"Maybe...If they don't mind, that is. Sirs. My Liege. " He added.
 
2012-06-08 06:10:21 PM

Hetfield: sammyk: But if your prosecutor is cheerleading a political movement he needs to be removed STAT!

Why?


Prosecutors need to be impartial, and should only prosecute cases based on evidence of wrong-doing and the breaking of actual laws. If a prosecutors appears to have a political bone to pick, they lose the appearance of impartiality needed in the court-room to convince jurors that the prosecution's cases are made for proper reasons and not due to political calculation.
 
2012-06-08 06:13:15 PM

RyogaM: If a prosecutors appears to have a political bone to pick, they lose the appearance of impartiality needed in the court-room


Looks like we already have a problem with the DOJ and other institutions regarding a lack of prosecution on wall street.

Never thought i would hear about an argument about the, seriously, lone guy on the other side, but here it is.
 
2012-06-08 06:13:33 PM

RyogaM: Hetfield: sammyk: But if your prosecutor is cheerleading a political movement he needs to be removed STAT!

Why?

Prosecutors need to be impartial, and should only prosecute cases based on evidence of wrong-doing and the breaking of actual laws. If a prosecutors appears to have a political bone to pick, they lose the appearance of impartiality needed in the court-room to convince jurors that the prosecution's cases are made for proper reasons and not due to political calculation.


I fail to see how "giving credit to the Occupy movement's role in public discourse" negates impartiality.
 
2012-06-08 06:18:57 PM
Time for a good ol' fashioned run on a bank. Credit "some word that means unions but doesn't get Wisconsinites all bent out of shape"!!
 
2012-06-08 06:21:06 PM

Hetfield: RyogaM: Hetfield: sammyk: But if your prosecutor is cheerleading a political movement he needs to be removed STAT!

Why?

Prosecutors need to be impartial, and should only prosecute cases based on evidence of wrong-doing and the breaking of actual laws. If a prosecutors appears to have a political bone to pick, they lose the appearance of impartiality needed in the court-room to convince jurors that the prosecution's cases are made for proper reasons and not due to political calculation.

I fail to see how "giving credit to the Occupy movement's role in public discourse" negates impartiality.


Good point. But I would be more concerned if it went beyond this.

Party Boy: RyogaM: If a prosecutors appears to have a political bone to pick, they lose the appearance of impartiality needed in the court-room

Looks like we already have a problem with the DOJ and other institutions regarding a lack of prosecution on wall street.

Never thought i would hear about an argument about the, seriously, lone guy on the other side, but here it is.


I'm no fan of the the way the current administration seems to be letting WS skate and think they need to let the N.Y. prosecutor do his investigation in whatever manner he feels is appropriate without the D.O.J. pressuring him one way or the other.
 
2012-06-08 06:24:14 PM

RyogaM: I'm no fan of the the way the current administration seems to be letting WS skate and think they need to let the N.Y. prosecutor do his investigation in whatever manner he feels is appropriate without the D.O.J. pressuring him one way or the other.


Eric Holder..

2008 Eric Holder Is Disqualified by the Marc Rich Pardon
 
2012-06-08 06:25:18 PM
farking Daily Show needs to have him on.
 
2012-06-08 06:27:47 PM

Party Boy: The entertainment can go further than expensive restaurants and bars. According to a complaint filed by former Tradition broker Brett DiLiberto in the Southern District of New York and made available on electronic databases, the firm ``regularly paid prostitutes to entertain traders.''

DiLiberto, as part of his job, frequently ``visited brothels masquerading as massage parlors,'' and was ``required as part of his entertaining duties to retain other prostitution services,'' according to the complaint. DiLiberto also said he went on a January fishing trip to Costa Rica in 2006 that was an ``extended orgy.'' On one occasion, DiLiberto said he was recalled from vacation to attend a ``customer drinking and drug party.''


... I'm in the wrong line of work.
 
2012-06-08 06:28:45 PM

Party Boy: RyogaM: I'm no fan of the the way the current administration seems to be letting WS skate and think they need to let the N.Y. prosecutor do his investigation in whatever manner he feels is appropriate without the D.O.J. pressuring him one way or the other.

Eric Holder..

2008 Eric Holder Is Disqualified by the Marc Rich Pardon


I'm not in favor of pseudo-intellectual mind-reading that attempts to caste aspirations on a person's character based on one event in a person's life. That article was bad and the writer should feel bad.
 
2012-06-08 06:29:54 PM
Schneiderman is a hack straight out of the state legislature, who ran for the attorney general's gig because Spitzer and Cuomo used it as stepping stones and it worked out okay for them.

So he wants to go on a Wall Street fishing expedition, because financial impropriety bad, mkay? And eventually he will find some because Wall Street and Albany have had an incestuous relationship for 300 years.

Financial sleaze is okay when Schneiderman endorser Al Sharpton does it, though.

I suppose we should be glad he's not making a big deal about prosecuting prostitutes (the regular kind, not the Albany kind).
 
2012-06-08 06:29:56 PM

Hetfield: RyogaM: Hetfield: sammyk: But if your prosecutor is cheerleading a political movement he needs to be removed STAT!

Why?

Prosecutors need to be impartial, and should only prosecute cases based on evidence of wrong-doing and the breaking of actual laws. If a prosecutors appears to have a political bone to pick, they lose the appearance of impartiality needed in the court-room to convince jurors that the prosecution's cases are made for proper reasons and not due to political calculation.

I fail to see how "giving credit to the Occupy movement's role in public discourse" negates impartiality.


That's because you are intentionally trying to ignore it. The law is supposed to be executed according to facts.not the whims of public sentiment.
 
2012-06-08 06:33:34 PM

sammyk: That's because you are intentionally trying to ignore it. The law is supposed to be executed according to facts.not the whims of public sentiment.


Not only is having a personal opinion on elevating public discourse bad, it also means you're executing law according to the whims of public sentiment. Got it.

I respect you.
 
2012-06-08 06:36:39 PM
D-D-D-D-Don't quote me regulations. I co-chaired the committee that reviewed the recommendation to revise the color of the book that regulation's in... We kept it grey!
 
2012-06-08 06:37:41 PM
theinfosphere.org

Approves
 
2012-06-08 06:37:46 PM

James F. Campbell: ... I'm in the wrong line of work.


I forgot what source that said it, but it was something along the lines of one of the best routes to social mobility was through the finance world.

RyogaM: That article was bad


Let me run down a list of google articles? I don't know. Maybe youll like one. [marc rich + eric holder]

Holder's reputation dinged by Marc Rich pardon

The real reason Bill Clinton pardoned Marc Rich

Ooh, NRO even.

A Pardon to Remember

Holder and the Marc Rich Pardon
 
2012-06-08 06:44:02 PM

Party Boy: I forgot what source that said it, but it was something along the lines of one of the best routes to social mobility was through the finance world.


Forget social mobility, I just want the extended orgies. ... I don't need to go into finance for that.
 
2012-06-08 06:58:44 PM

Party Boy: James F. Campbell: ... I'm in the wrong line of work.

I forgot what source that said it, but it was something along the lines of one of the best routes to social mobility was through the finance world.

RyogaM: That article was bad

Let me run down a list of google articles? I don't know. Maybe youll like one. [marc rich + eric holder]

Holder's reputation dinged by Marc Rich pardon

The real reason Bill Clinton pardoned Marc Rich

Ooh, NRO even.

A Pardon to Remember

Holder and the Marc Rich Pardon


Christ, I just don't feel it. People make farking mistakes, in this case he was supportive of a pardon that probably should not have occurred given the guidelines. He maybe even was corrupt or did it for the wrong reasons, though no one can explain what exactly those reasons were or explain why they are so bad should disqualify Holder from office. But so what? He is AG now. Criticize him for his actions from a legal argument perspective, not on a, "He once supported a bad pardon so must be corrupt and all his decisions are suspect."

I got an idea: how about people recognize that different people have different opinions on what the proper legal response should be to the extraordinary events that led to these investigations? How about treating legal questions as the complex matters they are rather than as political football games in which people try to score points on the other side? Is that really so hard?
 
2012-06-08 07:10:17 PM

FormlessOne: Way to commit, there.


Hey, I think subby stole my post from yesterday about the judicial study thingy. Let's see:

First we have to study the problem, to be sure a problem exists.

Then we have to study the study, to be sure the study was accurate.

Then we have to study the the study's results, to be sure it accurately measured the problem.

Then we have to assemble a task force to implement the study's findings and create a list of potential solutions to the problem.

Then we have to study each of the solutions, to determine if each is an effective solution to the problem.

Then we have to assess each effective solution to determine which would be the ideal solution to the problem.

Then we have to study the problem again in light of the ideal solution to determine if the solution will solve the problem.

Then we have to assemble a task force to implement the solution of the problem.

Then we have to study the solution to see if it in fact solved the problem.

Rinse, repeat.


Yeah! He did! I want my royalties!
 
2012-06-08 07:11:07 PM

RyogaM: Christ, I just don't feel it.


Ok. You don't have to. I'll put that out there for people to make up their own minds.

This one is probably the most comprehensive.

Also not added above

Marc Rich was a middleman for several suspect Iraqi oil deals involving over 4 million barrels of oil.


''I've publicly said the Rich pardon was a mistake,'' Mr. McAuliffe said. ''If I were president I wouldn't have done it.

Earlier this week, former President Jimmy Carter ended his reluctance about commenting on Mr. Clinton and said of the pardons, ''In my opinion, it was disgraceful.'' Many Clinton backers who were interviewed criticized his decision to defend his pardon of Mr. Rich in an Op-Ed article in The New York Times.


RyogaM: He is AG now. Criticize him for his actions from a legal argument perspective, not on a, "He once supported a bad pardon so must be corrupt and all his decisions are suspect."


Eric Holder is routinely criticized for recent actions, like the Fast and Furious scandal.

This Marc Rich pardon is forgotten about.
 
2012-06-08 07:14:23 PM
Schneiderman was the chief sponsor of the Rockefeller Drug Law reforms, which were passed and signed into law in 2009. The reforms included moving away from long, mandatory minimum sentences, and allocating funds for alternatives to incarceration, treatment and reentry of prisoners into society.WIKI

Damn Libertarians
 
2012-06-08 07:15:26 PM

Party Boy: On behalf of Wall Street, Obama officials pressure the NY State Attorney General to put an end to investigations


Interesting; the Obama admin essentially shuts down the AG's state-level investigation and then appoints him to a task force that the administration itself ultimately controls. Seems similar in some ways to the Clinton Secretary of State appointment; keep your enemies close, so you can control their every move. Chances of these "tangible" results being anything more than a damning report are very slim, methinks.

/finally finished Treacherous Alliance, btw
//yeah, yeah, took me 6 months, I don't read much!
 
2012-06-08 07:16:29 PM

Shaggy_C: /finally finished Treacherous Alliance, btw


wanna shoot me an email about it?
 
2012-06-08 07:44:24 PM

James F. Campbell: Party Boy: The entertainment can go further than expensive restaurants and bars. According to a complaint filed by former Tradition broker Brett DiLiberto in the Southern District of New York and made available on electronic databases, the firm ``regularly paid prostitutes to entertain traders.''

DiLiberto, as part of his job, frequently ``visited brothels masquerading as massage parlors,'' and was ``required as part of his entertaining duties to retain other prostitution services,'' according to the complaint. DiLiberto also said he went on a January fishing trip to Costa Rica in 2006 that was an ``extended orgy.'' On one occasion, DiLiberto said he was recalled from vacation to attend a ``customer drinking and drug party.''

... I'm in the wrong line of work.


No shiat. I just cracked a beer at my desk while I close out the last 20 minutes of my Friday and I thought I had it good.. And now all this about companies sending employees on Costa Rican fishing orgies? Damn..
 
2012-06-08 07:50:13 PM

GleeUnit: No shiat. I just cracked a beer at my desk while I close out the last 20 minutes of my Friday and I thought I had it good.. And now all this about companies sending employees on Costa Rican fishing orgies? Damn


Crack a beer at your desk only to find .....
finance guys getting handies and doing rails off of stripper tities while making it rain with your mortgage.

i.imgur.com

/party pooper boy
//doesnt actually like hookers or blow.
 
2012-06-08 08:27:17 PM
Midway through his State of the Union speech this year, President Obama announced plans "to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis," and he vowed again to "hold accountable those who broke the law."

That portion of the speech had a familiar ring. In November 2009, Attorney General Holder, with Treasury Secretary Timothy Geithner at his side, announced the creation of another special unit--the Financial Fraud Enforcement Task Force--that was similarly charged with investigating securities and mortgage fraud that contributed to the financial meltdown. Since its creation, that task force, which critics say was drastically under-resourced, has produced not a single conviction (or even indictment) of a major Wall Street player related to the financial disaster.


dl.dropbox.com

We know already know what happened the last time they swore they were going to get the bad guys.

I wonder if it has anything to do with the leadership of the Department of Justice being composed of millionaire Wall Street defense attorneys?

Had Obama wanted to strike real fear in the hearts of bankers, he might have appointed former special prosecutor Patrick Fitzgerald or some other fire-breather as his attorney general. Instead, he chose Eric Holder, a former Clinton Justice official who, after a career in government, joined the Washington office of Covington & Burling, a top-tier law firm with an elite white-collar defense unit. The move to Covington, and back to Justice, is an example of Washington's revolving-door ritual, which, for Holder, has been lucrative--he pulled in $2.1 million as a Covington partner in 2008, and $2.5 million (including deferred compensation) when he left the firm in 2009.

Putting a Covington partner--he spent nearly a decade at the firm--in charge of Justice may have sent a signal to the financial community, whose marquee names are Covington clients. Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Deutsche Bank are among the institutions that pay for Covington's legal advice, some of it relating to matters before the Department of Justice.

But Holder's was not the only face at Justice familiar to Covington clients. Lanny Breuer, who had co-chaired the white-collar defense unit at Covington with Holder, was chosen to head the criminal division at Obama's Justice. Two other Covington lawyers followed Holder into top positions, and Holder's principal deputy, James Cole, was recruited from Bryan Cave LLP, another white-shoe firm with A-list finance clients.
 
2012-06-08 08:57:55 PM

Rich Cream: Schneiderman was the chief sponsor of the Rockefeller Drug Law reforms, which were passed and signed into law in 2009. The reforms included moving away from long, mandatory minimum sentences, and allocating funds for alternatives to incarceration, treatment and reentry of prisoners into society.WIKI

Damn Libertarians


Well, not quite.

"In 2004, prompted by increasing pressure from activists and legislators, then-Gov. George Pataki signed the Drug Law Reform Act, a move that significantly changed the Rockefeller laws' sentencing guidelines."

TFA goes on to note that the driving force behind further drug law reform was...David Paterson, who had the misfortune to have been arrested under the old laws back in the day.

Schneiderman's role was that of chairman of one of the three state senate committees who had a role in crafting the law, so he gets some credit...but 'driving force' is a bit much, although typical for the kind of substance-free self-promoters who run rampant in Albany.
 
2012-06-08 09:05:03 PM

Gulper Eel: Well, not quite.


I had a feeling it was subjective, that's why the footnote~
 
2012-06-08 09:53:29 PM

Nadie_AZ: We need someone like him.


The wall street spinmeisters would spread accusations of him sodomizing infants and stop him in his tracks. We are owned by our overlords and the government is bought off
 
2012-06-08 10:20:02 PM
Language that vague only gets a $100 bribe to hush.
 
2012-06-08 10:44:55 PM
Gawd, I wish Bill Hicks was still alive.
 
2012-06-08 11:12:48 PM

RyogaM: Prosecutors need to be impartial, and should only prosecute cases based on evidence of wrong-doing and the breaking of actual laws. If a prosecutors appears to have a political bone to pick, they lose the appearance of impartiality needed in the court-room to convince jurors that the prosecution's cases are made for proper reasons and not due to political calculation.



No they don't. If prosecutors were impartial the adversarial system of law would break down. Juries are impartial. Judges are impartial. Prosecutors...are not partial.
 
2012-06-09 12:53:30 AM

Gyrfalcon: FormlessOne: Way to commit, there.

Hey, I think subby stole my post from yesterday about the judicial study thingy. Let's see:

First we have to study the problem, to be sure a problem exists.

Then we have to study the study, to be sure the study was accurate.

Then we have to study the the study's results, to be sure it accurately measured the problem.

Then we have to assemble a task force to implement the study's findings and create a list of potential solutions to the problem.

Then we have to study each of the solutions, to determine if each is an effective solution to the problem.

Then we have to assess each effective solution to determine which would be the ideal solution to the problem.

Then we have to study the problem again in light of the ideal solution to determine if the solution will solve the problem.

Then we have to assemble a task force to implement the solution of the problem.

Then we have to study the solution to see if it in fact solved the problem.

Rinse, repeat.


Yeah! He did! I want my royalties!


That is the best six sigma write up I've ever seen.
I'm stealing that for work.
 
2012-06-09 01:08:10 AM
The financial industry has become the favorite punching bag for every NY AG wanting to make his bones and show the world what a tough guy he is. Sometimes it's warranted, but often it's not. If I were in that biz I'd be thinking of getting my company out of NY state and into one where it wouldn't get targeted just because it's in an unpopular industry and somebody needs a scalp for his next campaign.
 
2012-06-09 01:12:18 AM

jjorsett: The financial industry has become the favorite punching bag for every NY AG wanting to make his bones and show the world what a tough guy he is. Sometimes it's warranted, but often it's not. If I were in that biz I'd be thinking of getting my company out of NY state and into one where it wouldn't get targeted just because it's in an unpopular industry and somebody needs a scalp for his next campaign.


Industry? Ok, if you insist.
 
2012-06-09 04:58:14 AM

I don't believe anything will be done.

For anything of consequence, it would have to be a blue ribbon committee, or at least a gold medal committee.

i158.photobucket.com
 
2012-06-09 10:01:11 AM

jjorsett: The financial industry has become the favorite punching bag for every NY AG wanting to make his bones and show the world what a tough guy he is. Sometimes it's warranted, but often it's not. If I were in that biz I'd be thinking of getting my company out of NY state and into one where it wouldn't get targeted just because it's in an unpopular industry and somebody needs a scalp for his next campaign.


Seems like Andrew Cuomo is the only Democrat who understands this...or at least he's the only one who understands it and says so publicly instead of pandering to the NYC party-machine hacks.

I don't get why anybody north of 287 would bother with the Democrats, seeing as nobody in that party cracks off a fart unless Sheldon Silver gives the word.

Which is not to say that the Republicans are any great shakes. Basically they're Democrats with a little less race card and a little more nanny state, with a small and noisy batshiat right wing who thought Carl Paladino was the cat's pajamas.

New York really needs a third party.
 
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