Comments on: Illinois Sues Countrywide http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html Mon, 23 Nov 2009 11:57:17 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Richard Smith http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html#comment-10099 Richard Smith Wed, 25 Jun 2008 18:27:00 +0000 http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide/#comment-10099 This might be relevant to BoA's bullishness<br/><br/>http://www.washingtonpost.com/wp-dyn/content/story/2008/06/24/ST2008062401804.html<br/><br/>Bush's threat to veto the bill is reversible. Once the bill becomes law BoA's deal is a lot less risky. This might be relevant to BoA’s bullishness

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/24/ST2008062401804.html

Bush’s threat to veto the bill is reversible. Once the bill becomes law BoA’s deal is a lot less risky.

]]> By: Tom Lindmark http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html#comment-10083 Tom Lindmark Wed, 25 Jun 2008 16:01:00 +0000 http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide/#comment-10083 I'll stand by my comments, Yves. I don't think it is within the purview of state AGs to be litigating interstate commerce. Their job is to protect the interests of all of the citizens of their state whether they be natural or artificial persons. If Countrywide has wronged citizens of Illinois then pursue the company on behalf of those citizens.<br/><br/>The power of government whether local or national to prosecute is immense. It needs to be wielded with great care or you risk destroying the system. I’ll stand by my comments, Yves. I don’t think it is within the purview of state AGs to be litigating interstate commerce. Their job is to protect the interests of all of the citizens of their state whether they be natural or artificial persons. If Countrywide has wronged citizens of Illinois then pursue the company on behalf of those citizens.

The power of government whether local or national to prosecute is immense. It needs to be wielded with great care or you risk destroying the system.

]]> By: Richard Smith http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html#comment-10054 Richard Smith Wed, 25 Jun 2008 07:30:00 +0000 http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide/#comment-10054 Might be relevant<br/><br/>http://www.washingtonpost.com/wp-dyn/content/story/2008/06/24/ST2008062401804.html Might be relevant

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/24/ST2008062401804.html

]]> By: Yves Smith http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html#comment-10050 Yves Smith Wed, 25 Jun 2008 06:02:00 +0000 http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide/#comment-10050 Tom,<br/><br/>I did not include it, in an effort to refrain from lifting news stories wholesale, but the NYT piece stated that Countrywide was the biggest lender in Illinois from 2004 through 2006. The Journal article also indicates they interviewed 30 former employees, presumably state residents and reviewed over 100,000 pages of documents pursuant to filing the case. Tom,

I did not include it, in an effort to refrain from lifting news stories wholesale, but the NYT piece stated that Countrywide was the biggest lender in Illinois from 2004 through 2006. The Journal article also indicates they interviewed 30 former employees, presumably state residents and reviewed over 100,000 pages of documents pursuant to filing the case.

]]> By: Tom Lindmark http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html#comment-10049 Tom Lindmark Wed, 25 Jun 2008 05:53:00 +0000 http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide/#comment-10049 So once again we have a governor in waiting, excuse me an AG, grandstanding. Nowhere in the information you cited did I see a specific reference to a wrong inflicted by Countrywide on a specific citizen of Illinois. If in fact that happened than she would be acting appropriately if she were to proceed against Countrywide for the specific misdeed. I don't, however, see how it is within her portfolio to litigate national business practices which is what the quotes you published infer as her intention. If Countrywide is established as a legal business enterprise in Illinois then it is entitled to the same protection from the AG as any natural person. It is not her option to pick and choose whom she will represent. <br/><br/>Prosecute the crime if there is one under Illinois law but leave the national stage to the <br/>Feds.<br/><br/>By the way, I agree that BofA is out of their collective minds in pursuing this transaction. So once again we have a governor in waiting, excuse me an AG, grandstanding. Nowhere in the information you cited did I see a specific reference to a wrong inflicted by Countrywide on a specific citizen of Illinois. If in fact that happened than she would be acting appropriately if she were to proceed against Countrywide for the specific misdeed. I don’t, however, see how it is within her portfolio to litigate national business practices which is what the quotes you published infer as her intention. If Countrywide is established as a legal business enterprise in Illinois then it is entitled to the same protection from the AG as any natural person. It is not her option to pick and choose whom she will represent.

Prosecute the crime if there is one under Illinois law but leave the national stage to the
Feds.

By the way, I agree that BofA is out of their collective minds in pursuing this transaction.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html#comment-10048 Anonymous Wed, 25 Jun 2008 05:29:00 +0000 http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide/#comment-10048 Will this impact Dodd and Friends Of Angelo? Will CFC be delisted before BAC absorbs them?<br/><br/>Here is a great OT site: http://piggington.com/commentary/housing_market Will this impact Dodd and Friends Of Angelo? Will CFC be delisted before BAC absorbs them?

Here is a great OT site: http://piggington.com/commentary/housing_market

]]> By: Max http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide.html#comment-10047 Max Wed, 25 Jun 2008 04:25:00 +0000 http://www.nakedcapitalism.com/2008/06/illinois-sues-countrywide/#comment-10047 The real question is when will Illinois be indicted for using prostitutes? The real question is when will Illinois be indicted for using prostitutes?

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