New York AG to Obama: Stop Protecting the Banks!!

New York state Attorney General, Eric Schneiderman has been grumbling about the Obama Administration.  Specifically, he is frustrated at the lack of accountability the Administration has forced the big banks and mortgage companies to accept over the financial meltdown.  He feels that the administration's responses have lacked any true consequence, and have not put in place the proper safeguards to prevent a future calamity.


To be fair, a lot of what the administration can do on its own is limited, but Mr. Schneiderman is correct in that federal prosecutions from the Justice Department have all ended thus far with settlements.  Those settlement amounts have been miniscule and really don't affect a banks bottom line.  They also absolve the bank or financial institution of any wrongdoing.  I think that is idiotic.

Ryan Grim and Shahien Nasiripour at The Huffington Post wrote an interesting article about AG Schneiderman, his complaints, and how the Obama administration has handled financial reform beyond the Dodd-Frank legislation from 2009.  It is a very interesting read.  To read the article, click on the link below.

Eric Schneiderman Challenges Obama Administration Over Mortgage Investigations