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Larry Summers Had the Power to Punish Wall Street. Now He’s Slamming Obama’s Gentle Treatment

Justice League

 Summers,who worked under the Obama Adminstration and is  same the guy who repealed Glass Steagall and prevented the detivatives market from going under CFTC rules that contributed to the mess.

AS HEAD OF BARACK OBAMA’S National Economic Council during 2009 and 2010 at the height of the foreclosure crisis, Larry Summers broke many promises to help homeowners while simultaneously dismissing Wall Street’s criminality. Now, after the Obama administration has left power and Summers has no ability to influence anything, he finds himself “disturbed” that settlements for mortgage misconduct are full of lies. Those of us who screamed exactly this for years, when Summers might have been able to do something about it, are less than amused.

In Wednesday’s Washington Post, Summers writes about a “large systematic overstatement” of the burden actually felt by banks in various mortgage settlements. Typically with these settlements, the Justice Department announces a headline dollar…

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