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New Rebel Alliance: NY Attorney General & FHFA Inspector General

Cross posted from The Stars Hollow Gazette

New York State attorney General Eric Schneiderman and Steve Linick, the inspector general supervising Fannie and Freddie and the Federal Housing Finance Agency (FHFA) have joined forces giving the NY AG access to documents and depositions taken by the FHFA Office of Inspector General as part of its investigation into mortgage and securities fraud perpetrated against Fannie and Freddie. As Yves Smith at naked capitalism points out this is a “well deserved slap in the case to the Department of Justice”:

I’m not certain of the precise scope of powers of the FHFA inspector general. But typically, federal inspector generals have limited scope of action. They can only subpoena documents and cannot subpoena witnesses. And, of course, they are not prosecutors and cannot launch cases. The theory of IGs is that if they uncover something unsavory, they’ll hand it off to the Department of Justice. But as a former IG has pointed out, the DoJ does not take case leads from the IGs unless they are fully fleshed out, and that is well nigh impossible to do in the absence of speaking to witnesses.

The Department of Justice has AWOL on the mortgage and banking beat, no doubt to avoid ruffling powerful possible Obama donors. Inspectors general are in theory independent, and on top of that, the FHFA is an independent agency and is not running the Administration playbook (I’ve been told by people involved in bank regulation that Geithner has tried pressuring FHFA acting chief DeMarco to no avail).

So what does the FHFA inspector general do, certain that Eric Holder will ignore any misdeeds he finds? Turn to another prosecutor who can bring cases that can bring cases that are national in scope.

According to Shahien Nasiripour writing for the Financial Times this alliance could “make it easier for authorities to bring fraud charges against Wall Street companies”.:

Investigators will be able to share documents and findings, and pool resources, according to people familiar with the co-operation agreement. It was signed in recent weeks by Eric Schneiderman, New York attorney-general, and Steve Linick, the inspector general supervising Fannie and Freddie as well as the Federal Housing Finance Agency , the regulator responsible for the two taxpayer-owned home loan financiers.

The collaboration escalates Mr Schneiderman’s probe of about a dozen banks and mortgage insurers as part of a broad investigation into whether banks properly bundled hundreds of billions of dollars worth of home loans into now-soured securities sold to investors.

The New York attorney-general is armed with the state’s Martin Act, considered one of the most powerful prosecutorial tools in the country. The law allows Mr Schneiderman to investigate anyone doing business in New York and to bring cases without having to show that the accused intended to commit fraud. State prosecutors need only prove that a fraud was committed, which state courts have defined as “all deceitful practices contrary to the plain rules of common honesty”.

The law allows Mr Schneiderman to pursue civil and criminal probes, and to seek felony criminal convictions. The Martin Act confers broader powers than federal securities laws used by agencies like the US Securities and Exchange Commission, which must show intent when bringing fraud cases. Previous New York prosecutors such as Eliot Spitzer have wielded the law to extract billions of dollars from Wall Street firms for alleged wrongdoing.

In conjunction with with lawsuits from Delaware’s Beau Biden, Massachusetts’ Martha Coakley and Nevada’s Catherine Cortez Masto, this is really great news. As David Dayen at FDL says “this is an end run around the justice department”:

Recall that Linick has recently come out with some explosive reports, including a report that the GSEs know about foreclosure fraud back in 2003. So that’s a wealth of knowledge from which to draw, and the IG can compel some more of it, though as said above they are somewhat limited. If Schneiderman sought these documents and depositions by himself, federal regulators could have overruled him. Now he can just use Linick as a conduit.

The FHFA, over which Linick monitors, sued 17 banks for securities fraud earlier this year. So you’re almost seeing a consolidation of lawsuits and actions between Schneiderman and a rogue independent housing agency. It’s really nice to see.

Another step in getting justice for homeowners.

On this Day In History December 21

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

December 21 is the 355th day of the year (356th in leap years) in the Gregorian calendar. There are 10 days remaining until the end of the year. This is a frequent day for the winter solstice to occur in the northern hemisphere and summer solstice to occur in the southern hemisphere.

On this day in 1968, Apollo 8, the first manned mission to the moon, is successfully launched from Cape Canaveral, Florida, with astronauts Frank Borman, James Lovell, Jr., and William Anders aboard.

Apollo 8 was the first human spaceflight to leave Earth orbit; the first to be captured by and escape from the gravitational field of another celestial body; and the first crewed voyage to return to planet Earth from another celestial body-Earth’s Moon. The three-man American crew of mission Commander Frank Borman, Command Module Pilot James Lovell, and Lunar Module Pilot William Anders became the first humans to directly see the far side of the Moon, as well as the first humans to see planet Earth from beyond low Earth orbit. The 1968 mission was accomplished with the first manned launch of a Saturn V rocket. Apollo 8 was the second manned mission of the Apollo program and the first manned launch from the John F. Kennedy Space Center.

Originally planned as a second Lunar Module/Command Module test in an elliptical medium Earth orbit in early 1969, the mission profile was changed in August 1968 to a more ambitious Command Module-only lunar orbital flight to be flown in December, because the Lunar Module was not ready to make its first flight then. This meant Borman’s crew was scheduled to fly two to three months sooner than originally planned, leaving them a shorter time for training and preparation, thus placing more demands than usual on their time and discipline.

After launching on December 21, 1968, Apollo 8 took three days to travel to the Moon. It orbited ten times over the course of 20 hours, during which the crew made a Christmas Eve television broadcast in which they read the first 10 verses from the Book of Genesis. At the time, the broadcast was the most watched TV program ever. Apollo 8’s successful mission paved the way for Apollo 11 to fulfill U.S. President John F. Kennedy’s goal of landing a man on the Moon before the end of the decade.

Happy Hanukkah

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Newt Is Nuts

Cross posted from The Stars Hollow Gazette

Who knew? Presidential candidate for the GOP nomination, Newt Gingrich is like the family’s crazy uncle that gets let out for family gatherings and then gets sent back to is room. His recent emergence as the “favorite” for the nomination has met with some harsh criticism and not just from the left. Many of the right wing punditry are not happy with Newt Gingrich’s surge in the polls for the nomination. During Newt’s interview on Face The Nation with Bob Schieffer, he said he would have “activist judges” (translation: judges who disagree with Newt) hauled before Congress to answer for their decisions, if necessary arresting them:

   SCHIEFFER: One of the things you say is that if you don’t like what a court has done, that Congress should subpoena the judge and bring him before Congress and hold a Congressional hearing… how would you enforce that? Would you send the Capitol Police down to arrest him?

   GINGRICH: Sure. If you had to. Or you’d instruct the Justice Department to send a U.S. Marshal.

I have no idea how Schieffer didn’t react with disbelieving “what?” much like Barbara Walters’ response when Herman Cain said he would want to be Secretary of Defense.

Obviously Newt is off the rails and a couple of former Republican Attorney Generals with some questionable constitutional decisions under their belts think so, too. Former attorney generals Alberto Gonzalez and Michael Mukasey, also a former judge, weighed in on Newt’s judicial lunacy to defy the Supreme Court and, if necessary according to Newt, eliminate the courts that disagree with him all together. In appearances on Fox News they called Newt’s ideas “ridiculous,” “irresponsible,” “outrageous,” and “dangerous”:

   KELLY: He wants to see the Ninth Circuit Court of Appeals entirely abolished, your thoughts on that?

   MUKASEY: Ridiculous. . . . to say that you’re going to undo and entire court simply because you don’t like some of their decisions, when there are thousands of cases before that court, is totally irresponsible. It’s outrageous because it essentially does away with the notion that when courts decide cases the proper way to have them reviewed is to go to a higher court. It’s dangerous because, even from the standpoint of the people who put it forward, you have no guarantee that you’ll have a permanent majority. . . . It would end with having a Democratic majority that then decides to abolish the Fourth Circuit and the Eleventh Circuit. And you go on and on and on. And I guess they could then reconstitute another court. It would reduce the entire judicial system to a spectacle.

Former Attorney General Alberto Gonzales had a similar reaction:

   GONZALES: The notion or the specter of bringing judges before the Congress, like a schoolchild being brought before the principal is, to me, a little bit troubling . . . . I cannot support and I would not support efforts that appear to be intimidation or retaliation against judges.

Keep in mind that these two men, supported some if the most unconstitutionally egregious of George W. Bush’s policies, including torture.

But poor Newt, he’s even slipping in the polls. According to Public Policy Polling, Rep. Ron Paul has now taken the lead in Iowa:

Newt Gingrich’s campaign is rapidly imploding, and Ron Paul has now taken the lead in Iowa.  He’s at 23% to 20% for Mitt Romney, 14% for Gingrich, 10% each for Rick Santorum, Michele Bachmann, and Rick Perry, 4% for Jon Huntsman, and 2% for Gary Johnson.

Gingrich has now seen a big drop in his Iowa standing two weeks in a row.  His share of the vote has gone from 27% to 22% to 14%.  And there’s been a large drop in his personal favorability numbers as well from +31 (62/31) to +12 (52/40) to now -1 (46/47). Negative ads over the last few weeks have really chipped away at Gingrich’s image as being a strong conservative, now only 36% of voters believe that he has ‘strong principles,’ while 43% think he does not.

Paul’s ascendancy is a sign that perhaps campaigns do matter at least a little, in a year where there has been a lot of discussion about whether they still do in Iowa.  22% of voters think he’s run the best campaign in the state compared to only 8% for Gingrich and 5% for Romney. The only other candidate to hit double digits on that question is Bachmann at 19%. Paul also leads Romney 26-5 (with Gingrich at 13%) with the 22% of voters who say it’s ‘very important’ that a candidate spends a lot of time in Iowa.  Finally Paul leads Romney 29-19 among the 26% of likely voters who have seen one of the candidates in person.

Iowa is no predictor of who will get the nomination and the caucuses are an undemocratic form of voting with no absentee ballots and very low voter turn out but Iowa is a predictor for early primary states. However, the recent harsh criticism from right wing politicians and pundits may keep Newt out of the Oval Office. Poor crazy Newt. Back to your room.

On this Day In History December 20

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

December 20 is the 354th day of the year (355th in leap years) in the Gregorian calendar. There are 11 days remaining until the end of the year.

On this day in 1803, the French hand over New Orleans and Lower Louisiana to the United States.

In April 1803, the United States purchased from France the 828,000 square miles that had formerly been French Louisiana. The area was divided into two territories: the northern half was Louisiana Territory, the largely unsettled (though home to many Indians) frontier section that was later explored by Lewis and Clark; and the southern Orleans Territory, which was populated by Europeans.

Unlike the sprawling and largely unexplored northern territory (which eventually encompassed a dozen large states), Orleans Territory was a small, densely populated region that was like a little slice of France in the New World. With borders that roughly corresponded to the modern state of Louisiana, Orleans Territory was home to about 50,000 people, a primarily French population that had been living under the direction of a Spanish administration.

The Louisiana Purchase (French: Vente de la Louisiane “Sale of Louisiana”) was the acquisition by the United States of America of 828,800 square miles (2,147,000 km2) of France’s claim to the territory of Louisiana in 1803. The U.S. paid 60 million francs ($11,250,000) plus cancellation of debts worth 18 million francs ($3,750,000), for a total sum of 15 million dollars for the Louisiana territory ($219 million in today’s currency).

The Louisiana Purchase encompassed all or part of 14 current U.S. states and two Canadian provinces. The land purchased contained all of present-day Arkansas, Missouri, Iowa, Oklahoma, Kansas, Nebraska, parts of Minnesota that were west of the Mississippi River, most of North Dakota, nearly all of South Dakota, northeastern New Mexico, the portions of Montana, Wyoming, and Colorado east of the Continental Divide, and Louisiana west of the Mississippi River, including the city of New Orleans. (The Oklahoma Panhandle and southwestern portions of Kansas and Louisiana were still claimed by Spain at the time of the Purchase.) In addition, the Purchase contained small portions of land that would eventually become part of the Canadian provinces of Alberta and Saskatchewan. The purchase, which doubled the size of the United States, comprises around 23% of current U.S. territory. The population of European immigrants was estimated to be 92,345 as of the 1810 census.

The purchase was a vital moment in the presidency of Thomas Jefferson. At the time, it faced domestic opposition as being possibly unconstitutional. Although he felt that the U.S. Constitution did not contain any provisions for acquiring territory, Jefferson decided to purchase Louisiana because he felt uneasy about France and Spain having the power to block American trade access to the port of New Orleans.

Napoleon Bonaparte, upon completion of the agreement, stated, “This accession of territory affirms forever the power of the United States, and I have given England a maritime rival who sooner or later will humble her pride.”

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On this Day In History December 19

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

On this day in 1776, Thomas Paine publishes The American Crisis.

These are the times that try men’s souls; the summer soldier and the sunshine patriot will, in this crisis, shrink from the service of his country; but he that stands it now, deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.

When these phrases appeared in the pages of the Pennsylvania Journal for the first time, General George Washington’s troops were encamped at McKonkey’s Ferry on the Delaware River opposite Trenton, New Jersey. In August, they had suffered humiliating defeats and lost New York City to British troops. Between September and December, 11,000 American volunteers gave up the fight and returned to their families. General Washington could foresee the destiny of a rebellion without an army if the rest of his men returned home when their service contracts expired on December 31. He knew that without an upswing in morale and a significant victory, the American Revolution would come to a swift and humiliating end.

Thomas Paine was similarly astute. His Common Sense was the clarion call that began the revolution. As Washington’s troops retreated from New York through New Jersey, Paine again rose to the challenge of literary warfare. With American Crisis, he delivered the words that would salvage the revolution.

The American Crisis was a series of pamphlets published from 1776 to 1783 during the American Revolution by eighteenth century Enlightenment philosopher and author Thomas Paine. Thirteen numbered pamphlets were published between 1776-1777 with three additional pamphlets released between 1777-1783. The writings were contemporaneous with the early parts of the American Revolution, during the times that colonists needed inspiring.

They were written in a language the common man could manage and are indicative of Paine’s liberal philosophies. Paine signed them with one of his many pseudonyms “Common Sense”. The writings bolstered the morale of the American colonists, appealed to the English people’s consideration of the war with America, clarified the issues at stake in the war and denounced the advocates of a negotiated peace.

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What’s Cooking: Potato Latkes

Cross posted from The Stars Hollow Gazette

Reposted from December 4, 2010

It isn’t Hanukkah without Potato Latkes, those wonderful, crispy pancakes of shredded potato and onion served with apple sauce. It’s lot easier than when I was growing up in the 50’s. Back then we had to shred them with a metal grater that often resulted in some shredded knuckles, too. Food processors have saved a lot of knuckles and teary eye from shredding the onion.

This recipe is really simple. The trick to getting latkes that hold together and aren’t “oily” is the  potato. Idaho’s win, hands down.

Traditionally, according to kosher law, when latkes are served with a fish meal they are fried in oil and served with sour cream. If they are served with meat, they are fried in chicken fat and served with apple sauce. Since, I haven’t kept a kosher kitchen in over 40 years, I fry the latkes in oil and serve both apple sauce and sour cream.

Because this recipe has no flour or egg, the latkes are more delicate and lacy. These are best served when they are fresh from the pan, so, we take turns making them all during the meal. It can actually be fun.

Pure Potato Latkes

* 4 large Idaho potatoes, about 2 1/4 lbs.

* 1 large onion, peeled

* 1/2 teaspoon of salt

* 1/4 teaspoon fresh ground black pepper

* 1/4 cup canola oil

In a food processor with a coarse shredding disc or o the large shredding hole of a hand grater, shred the potatoes. Squeeze them well to rid them of as much water as possible and place them in a bowl. I use a cotton dish towel to squeeze the water out. it gets them really dry. Shred the onion and add to the bowl. Add the salt and pepper. Mix well. More water will be exuded and should be squeezed and drained thoroughly.

In a large heavy frying pan (a 12 inch iron pan works best), over medium heat, heat 2 tablespoons until a slight haze appears on the surace of the oil. Drop about 1/4 cup of the mixture into the oil, flattening slightly with the back of a spoon Leave a little pace between the pancakes for ease in turning. They should be about 2 1/2 inches in diameter and will flatten as they cook.

Cook about 7 minutes or until the edges turn golden brown. Flip and cook another 5 to 7 minutes or until the other side is golden brown. If the oil starts smoking or the latkes brown too quickly, reduce the heat and briefly remove the pan from the heat. Remove the latkes and drain on layers of paper towels Continue with remaining mixture adding 2 tablespoons of oil with each batch.

Serve with apple sauce and sour cream.

Bon Appetite and Happy Hanukkah!

On this Day In History December 18

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

December 18 is the 352nd day of the year (353rd in leap years) in the Gregorian calendar. There are 13 days remaining until the end of the year.

On this day in 1918, the House of Representatives passed the 18th Amendment to the Constitution, along with the Volstead Act, which defined “intoxicating liquors” excluding those used for religious purposes and sales throughout the U.S., established Prohibition in the United States. Its ratification was certified on January 16, 1919. It was repealed by the Twenty-first Amendment in 1933, the only instance of an amendment’s repeal. The Eighteenth Amendment was also unique in setting a time delay before it would take effect following ratification and in setting a time limit for its ratification by the states.

Section 1. After one year from the ratification of this article the manufacture, sale, or transportation of intoxicating liquors within, the importation thereof into, or the exportation thereof from the United States and all territory subject to the jurisdiction thereof for beverage purposes is hereby prohibited.

Section 2. The Congress and the several States shall have concurrent power to enforce this article by appropriate legislation.

Section 3. This article shall be inoperative unless it shall have been ratified as an amendment to the Constitution by the legislatures of the several States, as provided in the Constitution, within seven years from the date of the submission hereof to the States by the Congress.

The amendment and its enabling legislation did not ban the consumption of alcohol, but made it difficult to obtain it legally.

Following significant pressure on lawmakers from the temperance movement, the House of Representatives passed the amendment on December 18, 1917. It was certified as ratified on January 16, 1919, having been approved by 36 states. It went into effect one year after ratification, on January 17, 1920. Many state legislatures had already enacted statewide prohibition prior to the ratification of the Eighteenth Amendment.

When Congress submitted this amendment to the states for ratification, it was the first time a proposed amendment contained a provision setting a deadline for its ratification. The validity of that clause of the amendment was challenged and reached the Supreme Court, which upheld the constitutionality of such a deadline in Dillon v. Gloss (1921).

Because many Americans attempted to evade the restrictions of Prohibition, there was a considerable growth in violent and organized crime in the United States in response to public demand for illegal alcohol. The amendment was repealed by the Twenty-First Amendment on December 5, 1933. It remains the only constitutional amendment to be repealed in its entirety.

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