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Published on Friday, February 10, 2012 by Countdown / Current TV
Matt Taibbi Assesses the $26 Billion Settlement Designed to Aid Victims of Foreclosure Fraud
“Countdown” contributor and Rolling Stone contributing editor Matt Taibbi weighs in on the potential impact of the $26 billion settlement meant to aid those who suffered as a result of fraudulent mortgage and foreclosure practices among some of the nation’s largest banks. Taibbi is skeptical about the adequacy of the ruling in terms of punishing the banks, saying, “There are some people who would argue that this turned out to be a bailout that was really as big as TARP because the negative equity produced by these practices could have been as much as $700 or $800 billion, so the banks got out of maybe that much in liability, ultimately, and maybe that’s not such a good deal for people.”
[thumbnail via Brennan Cavanaugh]
© 2012 Current TV
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12 Comments so far
Show AllThey stole a dollar from you and now they're giving you back a nickel. Happy?
A nickel? More like a fraction of a penny.
I didn't click here for an all state ad
American Fascism cannot be beat by confronting it directly, we will "always" lose.
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”
Richard Buckminster Fuller
Change your lifeways and live the new model, otherwise perish.
"You cannot dismantle the master's house using the master's tools."
Audre Lord
We have a US bank and a BOA branch in our town they both have customers coming and going all day, business as usual. Why are people still doing business with these thieves? Do Americans just love to be screwed?
Another textbook white-wash sweet-heart deal for the criminal oligarchy. Yet more evidence that the banksters are now the most powerful interest group in Warshiton.
But some folks, mostly bourgeois "liberals" and party apologists will eat this up as one of the "good" things that the Obama regime has done.
It drives me absolutely stark raving crazy that the Obamabots just simply refuse to educate themselves beyond the ten o'clock news or an Obama spin site. These people may be dumber than the teabaggers because the writing is on the wall and they refuse to see it. They think their liberal or progressive and what they really are is sops for any clever politician. I think they let themselves be boons-waggled by Obama and now they are afraid to admit how stupid they were. Fortunately there is a candidate I can vote for in 2012. Rocky Anderson. I don't care if he splits the vote for Obama. I won't vote for the lesser of two evils ever again. It's a tired old paradigm that has never led to any kind of change.
Next time I'm pulled over, or stopped by the police maybe I should try and negotiate the punishment I receive for whatever my crime was. The Obama Administration does not seem to understand why citizens are angry. Yes it is about what they did, but more important it's that they are not subjected to the same system of justice the rest of us are. when I break the law I am held responsible and punished. When they break the law they negotiate a small settlement and usually continue with the same behavior. The people want and deserve to see the bankers perp walked down the middle of wall street and thrown in jail.
It's about un-seeminglyness (lack of any quality), and the pursuit of massive fraudulent wealth transfers, purposefully accelerated and deceitfully hidden by govt and media obfuscations and propaganda.
Washington D.eC.eit is only getting more brazen, the longer the public swallows ever less plausible lies and contrivances, while things are getting worse for everyone (except the bankster kleptocracy owners).
Perhaps your words need to be modified, to avoid giving Uncle T'Obama any slack for what is done purposefully by him (and other agents of Empire) supposedly in our names, to supposedly met our common needs ?
"The Obama Administration does not"
CARE at ALL, NOR WANT
"to understand why citizens are angry."
Because is clearly does know what is going on, and it's merely re-treading that old worn out canard of the lessor bush being stupid and incompetent, now worsened by supposedly deadlocked partisan issues.
The only partisan issue, is both parties cleaving unto their corporatist patrons -- as there is no REAL battle, other than between the "have mores" and the "have lesses."
It's a delusion that politics represents popular issues, when everything supports corporatist agendas, both directly and indirectly (propaganda value).
How is it, that EVERY detail supports the usurpation of wealth, either directly or by accentuating minor obfuscating and only apparent gains (see oxymoron " Obama 'care' ") as indicating improvement and real gains for the public's common interests ?
Learn better, and then learn to chose better.
EVOLUTION is consciousness expanding, and vice versa.
If it's to be,
it's up to me
Be the Change you dream to see in the world
(Mahatma Gandhi)
I'm opposed to this for many reasons but primarily one. I paid my taxes, I pay my mortgage which is no easy feat given two years of unemployment leaves me having to scrape together whatever I can each month just to keep a roof over my family. What is this doing for me? Absolutely nothing. I have to sit by and watch others get all the benefit. I agree the banks should be get their heads squeezed on thisone, but in reality, I lay all the blame for this fiasco at the feet of the Pols.
The powers that be in Washington are covering up for the central bankers who purposely created this situation. They are siphoning off every asset they can get their greedy mits on. That's the agenda of the global central bankers. The housing crisis was just phase one of the end game. Don't look for things to improve until we get up the nerve to shut them down, what ever that may entail. We have no other choice.