Eric Schneiderman: "The Man the Banks Fear Most"

From The American Prospect
By Harold Meyerson

“I had friends at the banks,” he says. “I had friends who were lawyers for the banks. I talked to them, and they said they wanted a release from everything.”

It wasn’t just foreclosing on homes without the required due diligence on which the banks wanted a pass. They wanted a release from any crimes they may have committed in originating unsound mortgages and then bundling those mortgages into securities that they assured investors were safe, even when they knew otherwise, and unloading them at a profit—at times, even betting against them. They wanted a release, that is, from all liability for the misconduct that had plunged the United States into the deepest and most intractable recession since the 1930s."

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