We learned today that one prominent voice would not serve as staff director of the RMBS working group, the investigatory panel looking into securities fraud by the big banks. We don’t know who the working group will ultimately select. But Chris Whalen does give a theory as to how the working group, if Eric Schneiderman gets his way, could proceed.
|By: David Dayen Friday March 2, 2012 6:00 am|
|By: David Dayen Monday January 30, 2012 11:20 am|
New York Attorney General Eric Schneiderman continued his MSNBC tour by joining Chris Hayes on his Sunday morning show. These interviews really aren’t that good to conduct for TV. If you don’t assume a certain facility with the material on the part of your audience, you end up recapitulating a lot of what we already know, and never get around to asking new questions about the matter at hand, namely the RMBS working group and its powers. But Hayes, because he had an extended period of time, managed to get three key points out of Schneiderman:
|By: David Dayen Saturday January 28, 2012 10:00 am|
Eric Schneiderman, co-chair of the newly titled “RMBS working group” investigating financial fraud, appeared on the Rachel Maddow Show last night (the interview starts around the 5:00 mark), and there were a few interesting moments. First you have his assessment of the the fraud involved here, which he definitively cast as a pre-crisis issue. Schneiderman, from his public statements, is less concerned with the faulty documentation used to foreclose on borrowers; I would imagine he sees this as the cover-up for the initial crime of securitization fraud, and going back even further origination fraud. He sees that as where the banks’ real exposure lies. And so the working group will look at “all of the conduct that blew up the economy,” not the conduct being engaged in to paper over (literally) all that.