In Case You Missed This... And You Should Not... 'Wall Street Wins Again' - Salon

[WillyT]

21. Um... Not So Much, Actually...

Consider the first of the few major cases to specifically come out under the aegis of the RMBS working group. New York A.G. Schneiderman brought a suit against JPMorgan Chase over Bear Stearns’ fraudulent misrepresentations of mortgage-backed securities to investors. The case, filed nine months from the start of the non-task force (but, strategically, one month before the presidential election), borrowed liberally from private litigation brought against Bear Stearns two years ago by the mortgage bond insurer Ambac. The lawyer who authored that case, Karla Sanchez, left Ambac’s law firm, Patterson Bellknap Webb and Tyler, and went to work as an executive deputy attorney general for one Eric Schneiderman. In other words, the big case from the vaunted “task force” was basically written two years earlier, by a lawyer working in Schneiderman’s office, with virtually no new information added to the claims. Schneiderman could have filed this case any day over the last two years, without a scintilla of outside participation. Subsequent cases also appear cribbed from either private litigation or existing investigations, and include little that’s new or noteworthy.

From OP Link.