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House Investigates Trial Lawyers Who Ran Crisis Probe
Yahoo ^ | 4/8/11 | IBD

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 ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government
KEYWORDS: angelides; crisisprobe; fcic; house; investigates; issa; oversight; triallawyers

1 posted on 04/08/2011 9:01:45 PM PDT by NormsRevenge
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To: NormsRevenge

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).


2 posted on 04/08/2011 9:07:30 PM PDT by ChildOfThe60s ( If you can remember the 60s....you weren't really there)
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To: NormsRevenge

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......


3 posted on 04/08/2011 9:08:18 PM PDT by dila813
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To: NormsRevenge
The ROOT of the problem of course is the feral government sticking its nose into places it doesn't belong. The devil's dance amongst mostly rat government, the dinomedia and big business "partners" played to the tune of the taxpayers' dime is corruption of the highest order. NONE of this could have happened without a wink and a nod from the federales. We were and are being skinned alive by the basturds in DC and we hardly even feel it. And then we put the spawn of satan in the white hut; GEEEZ!!! We as a nation, caught up in self-contented bliss, got what we deserved. Can we fix it? At this point, I'm not too sure.
4 posted on 04/08/2011 11:09:20 PM PDT by ForGod'sSake (You have only two choices: SUBMIT or RESIST with everything you've got!!!)
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To: NormsRevenge

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.”


5 posted on 04/08/2011 11:57:44 PM PDT by dixiechick2000 ("First they ignore you, then they ridicule you, then they fight you, then you win." - Gandhi)
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To: ChildOfThe60s; NormsRevenge

Interesting link.

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!


6 posted on 04/09/2011 4:32:14 AM PDT by Robert A. Cook, PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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To: NormsRevenge

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.


7 posted on 04/09/2011 4:38:56 AM PDT by bert (K.E. N.P. N.C. D.E. +12 ....( History is a process, not an event ))
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To: bert

“The Democrat party is a criminal enterprise.”

Yes it is. They prove it time, and time again, and have done so for many years.


8 posted on 04/09/2011 8:36:20 AM PDT by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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