The Obama administration has intervened to support a settlement by banks charged with fraudulent practices in the processing of home foreclosures that would prevent state governments, New York in particular, from carrying out their own investigations of major Wall Street firms.
The New York Times reported Monday that Shaun Donovan, the US secretary of housing and urban development, together with high-ranking Justice Department personnel, has been “waging an intensifying campaign” to persuade Eric T. Schneiderman, the New York attorney general, to drop his opposition to a settlement of the home foreclosure charges.
Under the proposed settlement, major banks including JP Morgan Chase, Wells Fargo, Citigroup and Bank of America, would pay a combined total of $20 billion, which would supposedly go toward home loan modifications and homeowner counseling. In return, bank executives would be shielded from possible civil suits or criminal prosecutions arising from state probes into their role in fueling the sub-prime mortgage bubble, whose collapse triggered the financial meltdown of September 2008.Barack sure does spend a lot of time protecting the bankers, doesn't he?
Some might argue that he doesn't care for the average citizen and, in fact, one of the people making that argument the loudest is, in fact, Barack Obama.
And at a time when the CBO just predicted unemployment would remain above 9% at least through 2014, Barack's inability to work for working America becomes ever more obviousu. That would account for his refusal to address employment issues.
This is C.I.'s "Iraq snapshot" for Wednesday: