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View Diary: Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat! (280 comments)

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  •  Meh, I was just going by Matt Taibbi's (0+ / 0-)

    take on things . . . .

    . . . this looks like America's public prosecutors just wilted before the prospect of a long, drawn-out conflict with an army of highly-paid, determined white-shoe banker lawyers. The message this sends is that if you commit crimes on a large enough scale, and have enough high-priced legal talent sitting at the negotiating table after you get caught, the government will ultimately back down, conceding the inferiority of its resources.
    Read more: http://www.rollingstone.com/...
    •  It looks to me like he's using the word (2+ / 0-)
      Recommended by:
      fcvaguy, askew

      "crime" loosely to mean "bad stuff," and not to mean, you know, actual crimes.  Certainly, the settlement got the banks off the hook for some civil lawsuits.

      That's something I know a little about since my spouse is a plaintiff's lawyer with 30 years experience in litigation. Litigation is always a crap shoot, no matter how good your facts and the law are. And you can spend a shitload of money and time just to make it up to the craps table, where you get to take your chance at walking away with nothing, or even if you win, at walking away with less than your costs of litigation.

      In this case, litigation would have precluded any relief for homeowners like the one in this diary for years. And I'm not talking about one or two years, either.  5 or 10 years would be more like it for a cases like these.

      Considering everything, I think settlement was the way to go.

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