As regular readers no doubt recall, Eric Schneiderman abandoned the dissident state attorney general effort to get a better mortgage settlement, assuring the Administration a win on this sellout to the banks. The bright shiny prize Schneiderman got in return for his betrayal was serving as one of five co-chairmen on a Federal mortgage task force, which appears to have gotten close to nada in resources beyond the staff in various Federal agencies who were already working on mortgage investigations. And given that were are now close to a full five years past the origination of toxic subprime deals, those existing investigations don’t exactly look to have been pursued with much in the way of vigor.
We’ve criticized the Schneiderman sell out, yet the PR push to position him as the True Hero of What Passes for the left continues apace, including some ham-handed efforts like the American Prospect’s “The Man the Banks Fear Most“.
Schneiderman today proved the skeptics to be correct (hat tip reader Peter). From a writeup in the New York Law Journal of a presentation Schneiderman made on white collar crime. It seems Schneiderman is in favor of it:
Noting his role as co-chair of President Barack Obama’s mortgage-fraud task force, he said that he was “very pro-Wall Street” and had represented some financial services firms in private practice.
He said that the majority of people working in the financial industry are honest, but added that the “ability to tell people that and not have people scoff has been damaged” by ongoing scandals.
This telling admission of the truth comes as polls in swing states show that ordinary citizens aren’t fooled about Obama’s sell out on the mortgage front and to big banks. From CFS:
….majorites of independent likely voters in three swing states (Nevada, Arizona, and North Carolina) and near-majorities in two others (Pennsylvania and Florida) say they disapproved of Barack Obama’s handling of the housing crisis, and majorities in each state say the Administration is not doing enough to police Wall Street banksi in the housing market.
Strong majorities of likely voters in each state polled – Nevada, Florida, Arizona, North Carolina, and Pennsylvania – also say the economic crisis was caused partly by criminal actions of Wall Street executives.
It is going to be instructive to see whether token gestures by the Administration on the financial front between now and the election will be enough to fool voters who have suffered serious economic setbacks.