DE AG Beau Biden: Too Big to Fail Banks Believe the Enforcement Side Is ‘Scared’

Delaware Attorney General Beau Biden said yesterday on The Dylan Ratigan Show that he’d join a Federal task force on investigating the packaging sale of risky mortgages, but that his state would not join a settlement to deal with mortgage and foreclosure practices.

 Delaware has a lawsuit pending against the Mortgage Electronic Registry Service, or MERS, for deceptive practices. Biden addressed the the need for law enforcement officials to stop talking and start acting.

“The too big to fail banks believe that many of us on the enforcement side are as scared or more scared than they are of peeling back the onion.  If you start these investigations with the other side in this case the too big to fail banks believing that we are as or more scared about peeling back the onion as they are, that’s a fundamental,  fundamental problem. And that’s why you see courageous Attorneys General like Nevada, Martha Coakley in Massachusetts to name two who are actually doing something.

We need to act here. Words are nice but they’re getting kind of old here. We need to act and investigate,  file cases,  file complaints, seek indictments if the facts take us there.  We need to act. That is what people are sick and tired of — us talking about this.”

Jack McCabe also joined us in Florida on the segment, and talked about how so far, government actions to deal with the problem have been “like putting a band aid on skin cancer” and “throwing pocket change at a multi-trillion dollar problem.” Biden will join the Federal task force, but he has relevant questions.

“My questions on the investigations — and I’ve asked my federal partners this — I’ll be part of the task force, but the questions I have are how many FBI agents are you going to put to know? How many investigators? How many prosecutors? Those are the hard questions I have.”

These are good questions.  Very good questions.  Here’s the full video, and a rush transcript is below.

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