Congresswoman Tammy Baldwin Says, "We Must Hold The Banks Accountable."

By Matt Lockshin

It sounds really simple: The largest banks that caused the housing crisis that led to our economic meltdown should be investigated fully, punished to the full extent of the law, and forced to compensate their victims for the harm they caused.

But the Obama administration is pressuring state attorneys general to quickly cut a deal with the banks that lets them off the hook for massive amounts of mortgage and foreclosure fraud.

Democratic Representative Tammy Baldwin is pushing back. She has introduced a resolution that supports taking a tough line with the banks.

The more Democratic members of Congress who cosponsor it, the stronger the message it will send to President Obama that he cannot give Wall Street a "get out of jail free" card for mortgage and foreclosure fraud.

Not one of the Wall Street crooks who drove our economy off a cliff has gone to jail. And without aggressive investigation and prosecution of misconduct, none of them will.

Yet the Obama administration is pushing for a deal between state attorneys general and the large mortgage firms that essentially revolves around how lightly the banks would get off.

There has been no real investigation, and no real push for meaningful penalties or accountability. In many ways, the settlement terms under consideration would amount to another backdoor bailout for the banks.

This is unacceptable.

Rep. Baldwin's resolution has three tenets:

(1) The mortgage servicers who engaged in fraudulent behavior should not be granted criminal or civil immunity for potential wrongdoing related to illegal mortgage and foreclosure practices.

(2) The Federal Government and State attorneys general should proceed with full investigations into claims of fraudulent behavior by mortgage servicers.

(3) Any financial settlement reached with mortgage servicers should appropriately compensate for, and accurately reflect, the extent of harm to all victims, including homeowners and State pension beneficiaries, caused by the mortgage servicers' fraudulent behavior.

What's on the table now — and what the Obama administration is pressuring the states to accept — falls far short of these standards.

While the Baldwin resolution itself is non-binding, a large number of Democratic co-sponsors will do two things. First it will make it harder to spin a terrible settlement deal as a victory, which itself makes a deal less likely. Second, by establishing criteria for what an acceptable settlement might look like, it helps demonstrate the inadequacy of what's on the table.

We need to put the brakes on the headlong rush by state attorneys general and the Obama administration to settle with the banks.

It's incompatible with the health of our democracy to allow wealthy and powerful people off the hook after they have caused massive and widespread suffering.

Comment:

Okay. It all SOUNDS good. There's just one thing: Ms. Baldwin is part of the corruption that allowed all this to happen in the first place. Are we supposed to believe that she's turning against the very people that helped put her in office? I doubt it.

This is most likely another "pressure valve" to make the people believe that our politicians, most of whom ARE the wealthy elite with financial interests in the very banks in question, actually give a damn about the working and middle classes.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Phew! I really needed that laugh!

Don't be fooled by political hucksters. She most likely is actually working FOR the banksters, rather than against them.

It's like a couple of years ago here in California. When gas prices passed the $4.00 mark the first time, our two senators Diane Feinstein and Barbara Boxer (both Jews) made a lot of noise about investigating the oil companies. They did bring a few big oil men in before a so-called investigating committee and asked them a few perfunctory questions. The gullible public said, "Good. Now these greedy SOB's are in for it." You know what happened? NADA. Nada damn thing is what. Everything was buried. The oil companies backed off for a year or so, now they're back gouging us more than ever.

Never forget that 99% of these politicians are the wealthy elite. They will never do a damn thing to take money from their own greedy hands.

On the chance she's part of the 1% who are sincere, if she continues as she is, she will be signing her professional death warrant. The wealthy elite will NEVER tolerate her interference in their Judeo-Capitalist ventures. If she is on the level, she'll be out of office very soon - maybe even at the next election, which for her I believe, is in 2012.

Comrades, expecting help from the very government which is in partnership with the very financial vampires who are draining us dry is ridiculous, to say the least. There is only one thing the White working and Middle classes can count on for salvation - National Socialism. (No religious reference intended.)

But nothing is going to happen unless we all get off of our fat, lazy asses and get something done. Don't be afraid to get out and hand out literature. And if it's raining? Well, you're not the Wicked Witch Of The West. You won't melt.

Really, really cold? Ever heard of a coat and gloves? I think you get the idea.

Note: Yesterday I said I would report on the California conference today. There will be no report. One of our comrades has suffered a personal tragedy this weekend. As it IS personal, I won't go into it, but I think it is better to simply say nothing at all.

We will meet again after the holidays. No date has been set, but the location will be the same as this weekend.

Dan 88!