FHFA finally seeking justice

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douglaslee's picture


about 17 companies being sued for fraud. One possible outcome, scotus overturns damage award, or reduces it to inconsequential. Or, the award upheld, forcing the defendant into liquidation under the provisions of Dodd/Frank. [Fed oversight]


In the most recent action, the complaints were filed against the following institutions: Ally Financial; Bank of America (BAC, Fortune 500); Barclays Bank (BCS); Citigroup (C, Fortune 500); Countrywide Financial; Credit Suisse Holdings (CS); Deutsche Bank (DB); First Horizon National (FHN); General Electric (GE, Fortune 500); Goldman Sachs (GS, Fortune 500); HSBC North America; JPMorgan Chase (JPM, Fortune 500); Merrill Lynch/First Franklin Financial; Morgan Stanley (MS, Fortune 500); Nomura Holding America; Royal Bank of Scotland (RBS); Societe Generale. 

First Published: September 2, 2011: 5:20 PM ET

Meanwhile, back at the farm, I mean North Dakota,  succeeds with 3.3% unemployment and a surplus.


douglaslee's picture


but Soc Sec is considered insolvent by the theives.

Rodger97321's picture
These wheels turn much too

These wheels turn much too slowly.

It looks like the Cheney's are worried more about having their assets frozen and used to partially repay those they knowingly damaged than anything else.

[He freely admits to the war crimes, but not the financial ones.]

Rodger97321's picture
Huff Post Story another

Huff Post Story another example of B.O. reticence to act.  Recap of FHFA:

1) Bush crowd (Alert!) created the FHFA and installed their pick to run it.

2) Oval office occupant changes, but leaves Bush appointee in place (say what !?) and makes it official after 7 months.

3) 15 months later (Nov 2010) B.O. appoints Smith to head FHFA.

4) 16 months later, millions still waiting for demonstration of leadership.

Truly astonishing that the Chief Executive would knowingly allow millions of households to continue in their predicament (for years)  - rather than fire one guy.

He should have been fired as soon as B.O. saw he wasn't doing the job as directed.  Next in line takes over until an appointee is cleared (or recess appointed).  Keep firing, as needed, until you get the person who will do the job as instructed by POTUS.

Makes me wonder how many other similar situations haven't been addressed that could have made a real difference to the economy.  Replacing living-wage jobs with minimum-wage jobs is not a recipe for recovery - it just makes for positive sounding press clippings.

Federal Housing Finance

Federal Housing Finance Agency