Click here to access article by Yves Smith from her blog, Naked Capitalism.
Smith's blog is written for liberals in the financial services industry, and as such, it is addressed in their language. This honest blogger who has had a long career in the financial services industry knows of what she writes. This effort by the big banks to be released from legal actions resulting from many of their gross malpractices in relation to mortgages has been largely unreported in mainstream media. Remember it was the mortgage scam that was mostly responsible for the crash of our economy and the imperiling of the lives of many working people across the globe.
There is presently negotiations being held in an attempt to shield the banks from US state lawsuits. The author sees a big sellout being attempted by the big banks and Iowa's Attorney General Tom Miller who supposedly represents the citizens of Iowa and the interests of citizens across the country. These negotiations are largely being reported only in the financial media, and it is highly distorted in favor of the banks. (If you need further background on this be sure to read this and other links she provides in her article.)
