Discussion: Elizabeth Warren Says She's 'Troubled' By Reports Of Obama's $400K Speaking Fee

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#363

Glass-Steagal was repealed by Clinton. If you don’t think illegal acts occurred read this:

For example:

"It’s a fair question. I believe, as discussed previously, there were 10 areas where fraud and abuse took place. These were the Mortgage Electronic Registration Systems; mortgage pools; securitization; “misplaced” mortgage notes; force-placed insurance; servicing fees; fake documents; false affidavits, perjury and robo-signing; foreclosure mills; and active military members losing homes while on duty.

I am convinced that these cases were easy to prosecute, that a first-year law student would have a 90 percent conviction rate, that thedocumentary evidence was overwhelming, especially of mortgage and foreclosure fraud. As we know, there were no prosecutions of any significance — not at the state level, not at a federal level.

After much research, I have come to believe that at the highest levels of government, the financial industry managed to convince prosecutors that it was against societal interests to bust bankers. Therevolving door between government and the private sector, between regulators and regulated, figures in this. If you’re a prosecutor, but you might like a big payday from business, do you really want to go hard on the companies that might offer you a job one day?"

Just go read it. The nonsense that bankers somehow couldn’t be prosecuted is exactly that: nonsense.

If you rob a bank, you go to jail. If a bank robs you, they get a bailout.

Obama is just another in a long line of corrupt Presidents.

#364

Oh you :smile:

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#365

Glass-Stegall did not cause the meltdown. While its repeal did remove the firewall that was in place that protected deposit taking banks form the collapse of investment banks, the bubble and meltdown was not caused by its repeal.

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#366

The Consumer Financial Protection Bureau (CFPB), together with attorneys general and state banking regulators in 49 states, and the District of Columbia obtained a Consent Judgment requiring Ocwen Financial Corporation—who at the time, was the largest nonbank mortgage loan servicer in the country—and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in first lien principal reduction to underwater borrowers. The consent order addressed Ocwen’s misconduct during the mortgage servicing process. It also covered two companies previously purchased by Ocwen, Litton Loan Servicing LP (“Litton”) and Homeward Residential Holdings LLC (previously known as American Home Mortgage Servicing, Inc. or AHMSI). Ocwen was also required to pay $125 million to the nearly 185,000 Ocwen, Litton, and Homeward borrowers who had been foreclosed upon and well as being required to adhere to significant new homeowner protections.

On February 9, 2012, the attorneys general of 49 states and the District of Columbia (every state but Oklahoma), the federal government and five banks and mortgage servicers (Bank of America, Citi, JPMorgan Chase, the ResCap Parties and Wells Fargo) reached agreement on the National Mortgage Settlement (NMS) that created new servicing standards, provided for relief to distressed homeowners and provided funding for state and federal governments. The NMS was made formal and binding on April 5, 2012, when the United States.

The Federal government together with state attorneys general in 49 states and the District of Columbia reached a settlement in 2014 requiring SunTrust Mortgage, Inc., to provide $500 million in various forms of relief to borrowers. The United States District Court for the District of Columbia entered the Consent Order on September 30, 2014. The consent order addressed SunTrust’s alleged misconduct regarding its mortgage servicing and foreclosure practices. SunTrust was also required to create a 40 million dollar fund for the approximately 45,000 SunTrust borrowers who were foreclosed upon between January1, 2008 and December 31, 2013. In addition, SunTrust was required to adhere to significant new homeowner protections. The consent order required that SunTrust follow the servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest banks.

Seems that President Obama (and many state-level AGs) managed to go after the robo-signing frauds and get settlements on most of it. Odd thing to do for someone who is supposedly on the take.

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#367

I agree that the bubble was not caused by GS, but the meltdown and spillover of the financial crisis into the deposit-taking banks was directly caused by GS repeal. When G-S was in place, this did not happen in previous financial crisis in 1966, 1970, 1974 and 1987.

#368

And who was prosecuted for these crimes? And who went to jail?

#369

That was the threat, yes.But GS didn’t even cover AIG (an insurance company) which held a massive share of the CDS underwriting.

But the threat to deposit taking banks because of the cascading collapses is why the bailout was necessary and why Pelosi at al did the right thing in pushing that through despite the blathering bullshit from the GOP and the media heathers about “moral hazards”.

The salient point however is that Dodd-Frank puts in place protections to prevent a cascading failure. The problem is that derivatives are still not regulated.

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#370

I’m sure you don’t. You don’t know what he’ll do with HIS earned money nor whether he needs it or not. That’s not your decision. That’s not your concern

Stop rationalizing.

Well someone has to be the rational one in this conversation.
It’s clear it’s not you.

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#371

We agree to disagree.

#372

Those were civil cases.

And relief to the homeowners is more important than you desire for revenge.

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#373

You previously brought up the guns in national parks issue.

Do you think President Obama should have vetoed the credit card bill that was a huge win for consumers, simply because it also contained the guns in parks amendment by Coburn?

Yes or no?

Quite dodging.

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#374

Exactly, there were no criminal cases in spite of all the crimes that were committed.

It isn’t a question of “revenge,” it is a question of justice. The people who committed the fraud and conspiracy were bailed-out, not prosecuted for their crimes.

If you rob a bank, you go to jail. If a bank robs you, they get a bailout. That’s Obama justice.

#375

ummm

Taking that 400k would supposedly disqualify him as a progressive, but no one knows what’s in the speech, sooooo…

is that so?

#376

I would rather that the homeowners got relief and the fines paid than simply tossing someone in jail because you feel outrage.

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#377

Even if he criticizes these people, the price is too high. He could have done it without the fee.

No Democrat or Republican should cash in on one’s office. It should be against the law. It’s unseemly behavior.

#378

I would also add, that I think it is vitally important that sorting out the entire MERS mess is still critical. But I have zero hope of that occurring under the watch of Trump and a GOP controlled Congress.

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#379

We could have had both. And it is not about “outrage,” either.

I guess that you really don’t understand the concept of equal justice under law, or that law enforcement is supposed to be a deterrent to others committing crimes.

#380

Bwahahaaa… so because you think a private citizens should speak at a healthcare conference it has to be pro bono or it offends your delicate sensibilities.

Got it.

But you continue to dodge.

Do you think President Obama should have vetoed the credit card bill that was a huge win for consumers, simply because it also contained the guns in parks amendment by Coburn?

Yes or no?

Quite dodging.

2 Likes
#381

Like Hillary’s secret speeches to Goldman-Sachs? :grinning:

#382

I 've asked the moderator to ask you to stop harassing me.

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