Washington Post Says It Is Time To Let Big Banks Off The Hook For Their Crimes

Posted by | September 6, 2011 21:08 | Filed under: Top Stories

By Yashwanth Manjunath

In a horrendously out-of-touch editorial yesterday, the Washington Post revealed once again why they have become nothing more than a blithering rag whose sole purpose is to apologize for the unforgivable crimes committed by the corrupt corporate-controlled Washington establishment. If you think I am being too harsh, go read this dishonest mess.

In the infamous article I am referring to, the Washington Post editorial board declares that it is time for state attorneys general to stop “exploiting an overblown scandal to shake down the banks.” “Shake down the banks?” After I stopped seeing apoplectic rage-induced spots over reading that line, I was irresistibly reminded of Joe Barton’s pathetic apology to BP last year.

The overblown scandal that they are referring to is the “robo-signing” controversy in which homes were foreclosed upon without the documents being individually vetted. The Post argues that because “no one has produced evidence that large numbers of homeowners who were current on their mortgages were cast out of their homes because of bank misconduct,” attorneys general, specifically Eric Schneiderman (pictured) in New York, should stop “squabbling” and sign off on the settlement deal already negotiated by the Obama administration.

First off, the naive and misinformed focus on “homeowners who were current on their mortgages” completely ignores homeowners who were behind on their mortgage because banks misled them during the loan process, illegally raised their fees, or hired an appraiser they knew would overstate a home’s market. Second off, the “deal” would give the banks immunity from all prosecution in the future for not just the “robo calls,” but the securities fraud as well. All for the bargain price of $20 billion.

The massive widespread fraud during the 2008 financial crash led to $7 trillion in lost assets from not just homeowners, but private investors, pension funds, and municipalities. Everything the banks did that was illegal, from bribing the credit rating agencies, to lying directly to investors and clients, is extremely well documented. But because Eric Schneiderman is actually doing his job and going after the criminals responsible rather than letting Wall Street off the hook for a tiny fraction of the money they stole so that we can get more than a measly $20 billion of our money back, the Washington Post editorial board needs to scold him like he’s some petulant child.

The whole point of having an independent press is to challenge power and hold it accountable. The Post should be praising Schneiderman for being a hero, not deriding him for refusing to sign off on another unjustifiable gift to Wall Street.

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