in the real world, everybody's finally lawyering-up

link with the article below, from Fantasy-land

It looks like some of the activities of the big banks are finally hitting the docket.
Elliot Spitzer could have cleaned this up before the crash, but he was "got to".
Now that he's a distant memory, another brave fella, Schneiderman, has decided to pick up
the baton/ poison chalice.

[Shaggy, lawyer for defense, Ireee]
checkitout:
now, these are just audits, not court cases, but there's still hope


1
http://www.huffingtonpost.com/...
Federal Audits Find 4 Biggest Banks Guilty of Fraud
Bank of America: FRAUD
Citigroup: FRAUD
JPMorgan Chase: FRAUD
Wells Fargo: FRAUD
Ally Financial: FRAUD
It looks like they all violated the False Claims Act, which was a law passed during the Civil War to stop firms from swindling the Government.....
2
New York Times
New York Investigates Banks’ Role in Financial Crisis
By GRETCHEN MORGENSON
Published: May 16, 2011
The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses.
Officials in Eric T. Schneiderman’s office have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley, according to people briefed on the matter who were not authorized to speak publicly. The inquiry appears to be quite broad, with the attorney general’s requests for information covering many aspects of the banks’ loan pooling operations. They bundled thousands of home loans into securities that were then sold to investors such as pension funds, mutual funds and insurance companies.

It is unclear which parts of the byzantine securitization process Mr. Schneiderman is focusing on. His spokesman said the attorney general would not comment on the investigation, which is in its early stages.....