Obama Pushes Hard to Protect Big Banks from Fraud Prosecutions … But We Can Stop Him

Friday, January 20, 2012
By Paul Martin

by George Washington
ZeroHedge.com
01/20/2012

As we’ve noted for years, the entire strategy of Washington towards the economy is to cover up the fraud which caused the financial crisis … even though prosecuting fraud and re-establishing the rule of law is the only way to get out of this depression.

One major front in Washington’s cover-up effort has been to settle fraud cases with the big banks for pennies on the dollar. This is a backdoor bailout for the banks, encourages them to commit more fraud, and fails to plug the basic holes in the economy which are preventing a recovery.

Why are we bringing this up now?

Because Obama is making a giant push to pressure the states attorneys general to settle all of their mortgage-related fraud claims against the banks for pennies on the dollar.

Yves Smith – who has an ear to the ground on this – warns that a settlement which hurts consumers and the economy will happen very quickly if people don’t raise a ruckus.

Smith is asking people to call their attorneys general (not their elected reps) to oppose the settlement:

The Rest…HERE

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