"Renaissance Thinking About the Issues of Our Day"
The banksters' blatant fraud in the run-up to the financial crisis hasn't gone unnoticed by one top lawyer in the nation. New York Attorney General Eric Schneiderman - who also chairs the President's Mortgage Fraud Task Force - filed a civil suit against JP Morgan Chase for "widespread fraud in the sale of mortgage-backed securities." This is the first legal action brought against the banks by this taskforce. Most of the allegations are actually against failed bank Bear Stearns, which was bought by JP Morgan Chase just before the economy went into meltdown in 2008. According to the lawsuit - banksters at Bear Stearns knowingly sold defective loans and mortgage backed securities and kept their investors in the dark about how crummy these deals were. And just like banksters at Goldman Sachs, Bear Stearns' banksters openly bragged to each other about how bad the deals were and how much their customers are getting screwed. And Bear Stearns made big money off the fraud.