Skip to comments.House Investigates Trial Lawyers Who Ran Crisis Probe
Posted on 04/08/2011 9:01:43 PM PDT by NormsRevenge
The powerful House Oversight and Government Reform Committee is expanding its investigation of possible ethics violations by the Financial Crisis Inquiry Commission, including improper "backdoor communications" between the panel and trial lawyers suing major banks over subprime investments, IBD has learned.
The Democrat-appointed commission, tasked with examining the "root causes" of the crisis, used its subpoena power to extract millions of pages of confidential memos and emails from banks. Those documents were posted on the Web and are now being used in major litigation against these banks. Some documents posted on the FCIC site include correspondence with federal regulators that are normally unavailable in civil discovery.
One major plaintiffs law firm using the documents employs one of the commissioners and the senior staffer who ran the probe and interviewed bank officials and other key witnesses. It's also tied politically to FCIC Chairman Phil Angelides.
The firm, Robbins Geller Rudman & Dowd, has cited testimony and documents made public by the commission in several of its class action securities lawsuits, which could generate billions of dollars in fees and settlements.
Business As Bad Guy
The FCIC's final report, issued in January after a 15-month probe, largely blames the crisis on "greedy" Wall Street bankers and "predatory lenders," while dismissing the role of government housing policy in the mess.
The primary focus of the House Oversight probe, led by Chairman Darrell Issa, R-Calif., is the cozy ties and potential conflicts of interest between key Democratic commission members and trial lawyers suing banks on behalf of state employee and union pension funds, according to investigators and letters from Issa to Angelides.
'Conflicts Of Interest'
Investigators also have been seeking records of communications between FCIC commissioners and staff and labor unions and pension funds.
(Excerpt) Read more at news.yahoo.com ...
Better than nothing. But unless it results in more than a few of the perps publicly wearing leg irons, mostly symbolic.
The average barely literate American citizen doesn’t have the ability to understand how this works. Even if the aforementioned dimwits actually are actually exposed to the facts (unlikely).
They should confiscate all their income for two years, got to soak the rich and pay that debt after all!!!!
Obama is our leader ! We follow his example......
Excellent posting! Thank you!
“The primary focus of the House Oversight probe, led by Chairman Darrell Issa, R-Calif., is the cozy ties and potential conflicts of interest between key Democratic commission members and trial lawyers suing banks on behalf of state employee and union pension funds, according to investigators and letters from Issa to Angelides.”
I suggest everyone read the rest of the aricle.
Is this Crony Capitalism at it’s best, or what?
“Angelides has not cooperated with House Oversight Committee requests for the commission’s emails, despite multiple letters from Issa demanding them, the investigator said. In February, he hired outside legal counsel and instructed staffers to notify lawyers of any requests for emails. Robbins Geller lawyers gave more than $225,000 to the political campaigns of Angelides, who quit as California state treasurer in 2006 to run for governor.”
I had not thought about demo “regulators” passing internal information to demo lawyers -> who use it to sue the banks to get money for the demo union pension funds!
The Democrat party is a criminal enterprise.
It will remain so until extreme measures are taken to destroy many thousands of individuals and remove their ability to function in their exalted manner as super thieves.
“The Democrat party is a criminal enterprise.”
Yes it is. They prove it time, and time again, and have done so for many years.