Reply #3: This is absolutely ridiculous

[ProSense]

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It’s disingenuous, meanwhile, for the Justice Department to be arguing that its motivation to settle with the Wall Street banks is all about helping the homeowners who took out those bad loans. A deal that would prevent further legal action against the banks is a disservice to all the homeowners who could be the victims of the next mortgage debacle.

There’s this possible motivation for the Obama administration, too: Wall Street banks wield great political influence, and are generous contributors to political campaigns. Perhaps the White House wants to win them over, or at least neutralize them in a presidential race that’s already under way.

That’s not Mr. Schneiderman’s problem, however. He should continue to stand up to Wall Street. Immunity from litigation should be out of the question until we know what exactly it is we’re forgiving

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If the President had control over the state AGs, none of these AGs who object to the settlement would be on the panel. The President is going to get slammed one way or another: for doing nothing to help homeowners, settlement or not. To claim that the motivation is political donations is despicable.

Miller removed Schneiderman from the panel.

Bloomberg

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“New York has actively worked to undermine the very same multistate group that it had spent the previous nine months working very closely with,” said Miller, who is leading the state group. For a member of the executive committee, that “simply doesn’t make sense, is unprecedented and is unacceptable,” Miller said.

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An executive committee of 13 attorneys general, not including Schneiderman, and two state banking regulators is leading negotiations on behalf of all 50 states, said Geoff Greenwood, Miller’s spokesman. The executive committee has a smaller committee that negotiates directly with the banks, he said.

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The attorneys general who want to continue their own probes after an agreement include Martha Coakley in Massachusetts, Delaware’s Beau Biden and Catherine Cortez Masto in Nevada. Delaware is also a member of the executive committee. the 50 state attorneys general.

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“Ongoing investigations by attorneys general cannot be shut down by efforts to settle quickly and those responsible must be held accountable,” Kanner said. “While it is Attorney General Miller’s prerogative to remove us from the executive committee, we will continue to be an active voice on these issues as a part of the 50-state coalition and in other forums.”

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So unless, Miller is working on behalf of the WH, this is preposterous. What about Biden?