Here’s a roundup of chatter about the A.G.’s probe of three major banks, and how their mortgage-backed securities may have contributed to the epic financial meltdown that we’re not entirely out of yet.
Schneiderman’s investigation is being heralded on the left as meaningful intervention by a regulator who is going after an industry that brought the country to the brink of disaster and got, in return, a taxpayer bailout. Politically, it’s a continuation of the tradition of making the New York attorney general a key watchdog of Wall Street — something first started by Eliot Spitzer.
Eliot Spitzer: “I bet there will be bombshells awaiting us.”
New York Times: “At long last, there is a serious investigation into the mortgage mess.”
Dylan Ratigan: “Promising move. Instead of waiting for federal, state and civil suites to shake out, Schneiderman is going it solo…If we wait to see if the attorney general, [Eric] Holder, files charges we may all die and roll over.” Read More