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Tell President Obama: No sweetheart deal for the banks

This petition had 5,557 supporters

Americans are paying a heavy price for Wall Street greed. Millions are out of work, millions face foreclosure, and millions more are feeling the pain in some other way.

But not one of the Wall Street crooks who drove our economy off a cliff has gone to jail. And without aggressive investigation and prosecution of misconduct, none of them will.

In his State of the Union address, President Obama announced a new task force to investigate the criminal behavior of banks. But this investigation is in danger of being undercut by members of his administration who are actively pushing state attorneys general to approve a terrible deal with the banks that could give them immunity for crimes that have not yet been investigated.

Despite the president's announcement of a new task force to investigate Wall Street crimes, officials in the Obama administration are still pushing state attorneys general to cut a terrible deal with mortgage firms.

President Obama needs to step in and make sure investigations are not undercut by a sweetheart deal that lets banks off the hook for what appears to be widespread mortgage and foreclosure fraud.

Tell President Obama: No sweetheart deal for the banks.

The notorious robo-signing scandal is just the tip of the iceberg when it comes to wrongdoing by the mortgage industry.

Through congressional hearings, court cases and investigative reporting, we know of numerous stories of big financial firms engaging in shady mortgage practices, many of which seem on their face to be against the law.

But the Obama administration has been pushing the Attorneys General to reach a settlement deal before these issues have been investigated in any meaningful way.

In exchange for what amounts to a slap on the wrist, the banks will get broad immunity from future prosecution.

Tell President Obama: No sweetheart deal for the banks.

The pressure on the state attorneys general is coming from HUD Secretary Shaun Donovan and Treasury Secretary Timothy Geithner, who is a quintessential Wall Street insider.

Secretary Geithner, who used to be the President of the New York Federal Reserve Bank, has a long history of enabling Wall Street misconduct.

So it's not surprising that he would be pushing for a backroom deal that could short-circuit future attempts to investigate the banks, punish people for their wrongdoings, and force banks to change their practices to help borrowers and homeowners.

What is a little surprising is President Obama allowing this to happen after his political advisors have said that he plans on running against Wall Street as part of his reelection campaign.

In other words, President Obama will tell us he's for Wall Street accountability even as he's allowing his subordinates to sell us out to Wall Street.

President Obama can't have it both ways.

If President Obama is sincere about wanting to hold the banks accountable, he'll ensure his administration does nothing less that support investigating, prosecuting and punishing unscrupulous banks to the full extent of the law.

Tell President Obama: No sweetheart deal for the banks.

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