"Instead of serving the interests of the people, this commission and its meaningless report have done nothing more than serve the banks and institutions...that are responsible for creating the problem"- Mitchell J. Stein, Esq.
Hidden Hills, CA (Vocus/PRWEB) February 01, 2011
The recent report by the federal commission on the financial crisis clearly demonstrates how government is allowing banks to evade responsibility for the crisis and helping banks more than citizens, according to Mitchell J. Stein, Esq., of MJS Associates.
"Instead of serving the interests of the people, this commission and its meaningless report have done nothing more than serve the banks and institutions like Fannie Mae and Freddie Mac that are responsible for creating the problem:,” said Mitchell J. Stein, Esq., a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented many of the world’s largest companies and has been involved in some of the highest profile cases in the Nation’s history.
Rather than provide the bipartisan view of the origins of the financial crisis mandated by Congress, the panel split along partisan lines and released three competing assessments. The report was released simultaneously with two dissenting reports from the Republican minority. The majority report blamed a range of culprits for the financial crisis from overextended homeowners to reckless executives and timid regulators, the minority reports on global factors and government intervention into the housing market.
According to Mitchell J. Stein, Esq., the majority report’s conclusions were vague and meaningless, including findings that human beings, not other factors like nature or technology, were responsible for the crisis, “action and inaction” by those human beings was the cause of the crisis and that the crisis could have been avoided.
“This report is a flimsy attempt by Washington insiders and bankers to avoid blame and evade responsibility for the mess they have created,” said Mitchell J. Stein, Esq. “The majority report’s conclusions are meaningless and utterly useless.”
The report includes details from more than 700 interviews conducted during an 18-month investigation seeking to explain the housing bubble that ended badly, triggering a global credit crisis and the worst recession in decades. Media coverage included details about the interviews, including those with leaders of investment bank Goldman Sachs Group Inc., government regulators, particularly current and former officials at the Federal Reserve, and executives such as former Countrywide Financial Corp. Chief Executive Angelo R. Mozilo, who last year agreed to pay a record $22.5-million fine to settle a government fraud lawsuit over the lender's near-collapse. Coverage of the report in the Los Angeles Times also indicated that Mozilo told the panel he got swept up in a "gold rush" mentality that had taken over the nation.
“It is outrageous that the Commissioners allowed Mr. Mozilo to pass the blame onto citizens without clearly identifying the leading injurious role he and Countrywide played in damaging our economy and hurting millions of homeowners,” said Mitchell J. Stein, Esq.
According to the Los Angeles Times, the majority report concluded that "a crisis of this magnitude cannot be the work of a few bad actors" and ascribed responsibility to both organizations and individuals in business and the government.
“We agree with the minority reports that blame should be focused on intervention in the housing market including support for Fannie Mae and Freddie Mac and that this report was part of a partisan process designed to produce predetermined results, so it’s conclusions are inconsequential” said Mitchell J. Stein, Esq. “It is ironic that after all the pain inflicted on our citizens by the financial meltdown, this commission's investigation and report is just another example of Washington waste.”
According to Mitchell J. Stein, Esq., there is always “a silver lining to the black cloud.” "For more than two years during this meltdown, my mantra has been specific that I never expected the federal government to take responsibility. I never expected the banks to take responsibility, although I must admit once the government doled out the first trillion dollars of TARP money I believed -- if only for a second -- that help was on the way. Then I woke up from my one-second dream into the nightmare of dealing with criminals, liars and persons forging documents. Having represented these same banks and their governmental partners for years, I was and am unwilling to allow my clients to become another statistical imbecile who goes through the Bank drill of submitting financial information to the bank and then resubmitting it and then resubmitting it and then resubmitting it and then resubmitting it. I have never done, and nor shall I now do, 'loan modifications' because that is a term made up by banks to buy time until the wave of public sentiment against banks has subsided. So what is the good news, asked the Doberman? We’ll get 'em in Court," said Mitchell J. Stein, Esq.
ABOUT MITCHELL J. STEIN & ASSOCIATES
Mitchell J. Stein & Associates is a California-based law firm founded by M.J. Stein, Esq. a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented many of the world’s largest companies and has been involved in some of the highest profile cases in the Nation’s history. The Firm’s philosophy is based on the belief that their clients’ needs are of the utmost importance and, as a result, a high percentage of the Firm’s business has been from repeat customers and referrals. The Firm’s practice areas include Complex Litigation, Bank Problems, Mergers & Acquisitions, Commercial and Residential Foreclosures , and Bankruptcy Litigation. Mr. Stein is also the founder of VIPS Foundation (Victims of Injustice Pain and Suffering), through which victims nationwide, over the last 15-years, have received assistance following unfortunate events that subjected them to oppression or mistreatment. In that regard, Mr. Stein received the inaugural Mitchell J. Stein Benefactor Award from the National Organization for Victims Assistance (NOVA) for his work in protecting victims’ rights. Visit http://www.mjsteinassociates.com or http://www.dobielaw.org for more information.