18,000 People Just Told Eric Schneiderman “No Bank Is Too Big To Jail”

October 2, 2012 | In: Actions

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Over 18,000 Americans have signed our letter to Eric Schneiderman over the last month, urging him to bring forth serious, federal criminal indictments of major US banks for fraud before time runs out. That didn’t happen yesterday. Instead, he put forward a single lawsuit that was neither federal or criminal – and the time left to prosecute the Wall Street fraud that wrecked the global economy is running out. This morning, we gave him our members’ letters in response.

This morning, two activists with The Other 98%, Samantha Corbin and Nicole Carty, arrived at Attorney General Schneiderman’s office to let him know that over 18,000 people have urged him to bring forth serious criminal indictments of the Wall Street fraud that wrecked the global economy, before the five-year statute of limitations on mortgage fraud runs out. Here’s the key text of the open letter we sent him:

β€œIt’s time to indict Wall Street for mortgage fraud or resign from the Financial Fraud Enforcement Task Force – the statutes of limitations are running out on some of the worst crimes from the financial crisis, and we need you to take action on the biggest banks and worst offenders now, or step down in protest as you tell us why not.”

Between civil suits and settlements and complicated regulation, we thought “the people’s lawyer” should hear what the people think justice would look like in this case. We heard from you, and took your comments directly to the AG’s office.

A fine against the company only ends up being treated as a cost of doing business. Jail the execs. When their friends start going to jail, the rest of them will stop playing so fast and loose with our economy. Criminal penalties, and jail time, are the only answer. Worked great for Iceland!
- David Simmons of Niceville, FL, writing on our letter to AG Schneiderman

When we arrived in the lobby they were a little touchy about our cameras, so we went upstairs to the office, talked to a member of the investigation unit, and hand delivered your comments and petitions. The folks up there even made a copy and gave us a receipt.

We talked for a bit about power and justice – who’s got it, and who gets it. Real people have had their homes stolen, pensions raided, loans denied, and have to live with the consequences of the financial collapse every day. Our 18,000+ members who signed the letter told us justice is not only getting paid back, but bankers tried for their crimes before the statute of limitations run out, not to mention broad principal reduction of home loans, debt forgiveness, and the megabanks broken back up. AG Schneiderman indisputably has the authority to bring forth federal criminal indictments before the statutes of limitations run out – and if he doesn’t, he should do the noble thing and tell the world.