Back in May, I wrote about the hopeful sign that the New York Attorney General Eric Schneiderman was investigating the role of the big banks in the housing bubble, but cautioned that “The oligarchy is going to close ranks and pull out all the stops to defend itself and preserve its privileges and get away with a plea deal that involves just a slap on the wrist and fine.”

Well, the oligarchy seems to be doing just that. And who are their friends who are going to bat on their behalf to get the New York AG to accept a plea deal that is highly favorable to them? Why, the Obama administration. What a surprise!

Yves Smith explains what is going on in great detail and says:

It is high time to describe the Obama Administration by its proper name: corrupt… Team Obama bears all the hallmarks of being so close to banks and big corporations that it has lost all contact with and understanding of mainstream America… As far as the Administration is concerned, its goal is to give banks a talking point and prove to them that Team Obama is protecting their backs in a way that the chump public hopefully won’t notice.