The investigation was revealed yesterday in a piece by New York Times reporter Gretchen Morgenson. Morgenson reported that Schneiderman’s key focus will be on the banks’ mortgage securitization process, and will target major players in at least three companies: Morgan Stanley, Bank of America, and the enormously influential Goldman, Sachs. [source]
Schneiderman’s probe might be the first authentic attempt at a criminal prosecution of the world’s most elite financial predators since the 2008 crisis which nearly brought down the global economy and plunged capitalist governments everywhere into massive state debt.
Eric T. Schneiderman, a Democrat, and former state senator from the Upper West Side of Manhattan, was elected New York’s 65th attorney general in November 2010. Schneiderman formally requested information and documents from the three major Wall Street banks about their mortgage securities operations in April 2011. [source]
I hope Schneiderman understands the pressure he will face and the danger this enquiry will place on his career and his family. The world’s top financial oligarchs aren’t going to treat his actions lightly, so we can expect a ruthless campaign to discredit the former senator at the very least.
Good luck Eric.
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2 comments:
how long until chuck schumer starts running interference?
Oh I'm sure Chuck has already been into Eric's office. He probably told him the same thing I would: it's political suicide (perhaps) to take on the big banks. These people don't fuck around.
Chuck's probably wearing out paper shredders by the boat load as we type...
If Eric plays it right though (by doing the right thing), his work could thrust him into a position to make a run for president in the very near future. Because if he actually gets some convictions the public will adore him.
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