[lbo-talk] AG bank settlement on ice

[Chuck Grimes]

Amidst all the bad news coming out of Wall Street and the economy, here's 
something good: California has backed out of the talks for the long-awaited 
foreclosure settlement, now making it far from likely that the so-called 
"Attorneys General" deal will happen anytime soon.... Matt Taibbi

http://www.rollingstone.com/politics/blogs/taibblog/attorneys-general-settlement-the-next-big-bank-bailout-20111005

People interested should read the article through for the numbers. There are 
many billions at stake in various lawsuits due to bank frauds including tax 
evasion by failing to pay transaction fees to local counties.

AG Eric Holder wants to combine all state AG's cases into one 20 billion 
dollar settlement. Cal's AG Kamila Harris pulled out along with New York.

To see the absurdity of a 20 billion dollar settlement, consider CalPERS, 
the California public employee pension fund lost 100 billion between 2008-9.

CG