STOCK MARKET WATCH - Friday, 27 January 2012

[Demeter]

12. Tom Ferguson on SOTU: New Financial Fraud Commision Could Actually Slow Down Investigations

http://www.nakedcapitalism.com/2012/01/tom-ferguson-on-sotu-new-financial-fraud-commision-could-actually-slow-down-investigations.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

Political scientist Tom Ferguson agreed with our dim take of the news reports last night on the formation of a “new” financial fraud commission on mortgage abuses (which is actually just part of an existing fraud commission that has done squat). He also saw the apparent co-optoins of New York’s Eric Schneiderman as an effort to rein in the attorneys general that oppose the mortgage settlement.

If you are concerned and skeptical as I am, PLEASE write or call Schneiderman’s office. While it is unlikely to derail this particular train, it does not hurt Schneiderman know that you recognize this as a likely Faustian bargain.

Reader DS sent this note as an example:

Dear Atty General Schneiderman,

Having admired the integrity with which you have supported the rule of law
related to Wall St shenanigans and the mortgage crisis, I find it deeply distressing to read the following:

http://www.nakedcapitalism.com/2012/01/is-schneiderman-selling-out-signs-up-to-co-chair-committee-designed-to-undermine-defectors-to-mortgage-settlement-deal.html

I hope/trust that you will not ‘sell out’.

You can call Schneiderman’s office at 800-771-7755