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Immunity From Criminal Liability For Banks In Exchange for $30 billion in consumer loan write downs: Deal or No Deal: Justice or No Justice
Several Weeks Ago here at TED Conversations we visited this white house proposal at "Is Any One Above the Law?"
At that time little had appeared in the press about it . Now it is about to become a done deal and there has been much written about it..mostly in opposition. Moveon is circulating a petition to stop this deal fearing the money won't go far and the sttlement may keep secret forever things we all need to know. New York's attorney general and others have refused to be pressured into cooperating with this deal and are still planning to push ahead with their own suits.
Also since then, it has become clear that the Bank of America, central to the mortgage scandal via their subsidiary Countrywide is on the verge of collapse. from the fall out and lawsuits already successful against them. They just lost a $30 billion suit against JP Morgan ( case dismissed) and are facing huge suits from Freddie Mac and Freddie Mae to recover losss on the fueled mortgages. It's possible that Bank of America may not be around long enough to even pay up their share of the $30 billion.
This seems like a perfect issue for TED Conversations. It truly is a moral dilemma, a tricky policy question with much at stake for victimized consumers and much at stake for transparency and truth.