Hey, those banksters who sold garbage RMBSs didn’t act like they knew the housing market would crash. So, it’s all good. No jail for them.

Robert Khuzami thinks settling with cheats and frauds is a great idea. Why bother with all that silly trial stuff? He must be right, he’s on the short list for SEC Chair.

The Democratic Platform seems to have missed the central point of the banking mess: the Obama administration did not investigate the disaster, and didn’t indict anyone for the crimes that led to the Great Crash. In fact, the administration specifically refused to follow up on criminal referrals from the Financial Crisis Inquiry Commission regarding one of the Goldman Sachs mortgage deals, saying as it always does, that it stinks, but isn’t a crime.

It’s stupid to say that repeal of Glass-Steagall was irrelevant to the Great Crash. I wonder which sell-out economists are whispering in the ears of pundits.

It has finally happened. Investors in a Residential Mortgage Backed Security {RMBS) have finally sued that the mortgages were never properly transferred into the trust.

The lawsuit was filed in the New York Supreme Court, New York County (that’s Manhattan to you off-islanders) on Monday. The Plaintiff is German Bank HSH Nordbank and it accuses Barclays of selling securities based on trusts that were supposed to have mortgages in them, but were actually empty.

Please keep sending me those e-mails, but don’t get hurt feelings if I don’t respond. And good luck with that re-election thing.

If everyone on Wall Street is as pure as the driven snow, or at least “not guilty”, then it’s fine for Obama to raise tens of millions of dollars from them to pay for his shot at re-election.

Banksters have figured out that they can stall real solutions to the housing/foreclosure mess and eventually the congress will give them some kind of back door bailout. They are probably right.

No one should be allowed to evade responsibility on the theory that collective guilt creates individual exoneration.

Bank of America settled some of their mortgage problems today, but now all. Even then they got off very cheaply, a mere 8.6 billion.