tell me a little bit about eric schneiderman first of all well so eric schneiderman has been in the news a lot this week and that's a great thing because what we've done and what we've seen is a focus again on the fact that homeowners still have not really seen any justice and so what the conversations about is this fifty state attorney general supplement and you know there's been a lot of obama and the other attorney generals are you on that team are you on eric schneiderman team and and the team we all need to be on team homeowner there are hundreds of millions of underwater homeowners in america today is this is this doesn't this also extend to things like all the people who lost pension funds i mean states got wiped out countries go by it absolutely i mean if we look at the overall damage that these great banks and wall street have done to our economy. it's trillions just so they got fourteen trillion and bailouts and backstops and i would argue that we every day americans have not seen any any help for our homes for our jobs for our state and city revenue crises and we've had an opp

all the attorney generals who are who are demanding that eric schneiderman make a deal with these banks to give them immunity from all of this fraud they're saying that they want to move on a twenty billion dollars which is not even half of what they collected in bonuses christmas bonuses last year and now all across america you're seeing austerity measures imposed and a lot of the population demanding it that it's these pension funds that they're underfunded now it's the reason why they're underfunded is. because they've made too many promises when in fact they've been too much has been stolen from them and this is a fact this is the truth we've reported on this for years now next time i'm in vegas i'm going to stop some teacher on the street punch him in the mouth really are still all their money and then out on rockaway toss a mickle the same thing and i'll be like thank you thank you all right so you're well thanks so much for being on the kaiser report thank you max don't go away much more coming away stay right there. welcome back to the kaiser report i max kaiser time out to go t

one attorney general who said no, eric schneiderman, has been booted off the committee negotiating theettlement. okay, now back to the quote i promised you. in explaining why schneiderman was a problem, katherine wilde, a member of the new york f.e.d. that represents the public told schneiderman in a conversation, and i quote, "it is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. wall street is our main street. love them or hate them, they are important, and we have to make sure we are doing everything we can to support them, unless they are doing something indefensible." joining me now, felix salmon, the financial blogger for thomson reuters, what did you think of the quote? >> new york f.e.d. is owned by the banks. it's not surprising the new york f.e.d. might think that way, what's surprising the 50 attorney generals across the country seem to be caught into this new york f.e.d. brain mill. where did they get this idea? >> that's the thing about the settlement, and i hope people are tracking this beca

yesterday and the obama administration has reportedly been pressuring new york attorney general eric schneiderman because he was opposed to that massive settlement that they've been trying to get through to get this whole investigation of the banks done and over with this of course despite the fact that after helping to create a housing bubble the banks then just hired a bunch of robo signers who ruined millions of american lives but it was also ray of hope that at least there was somebody out there who had the guts to stand up to the obama administration he was standing his ground and he realized that this would let the banks get away without justice being due that's what we thought yesterday and then came this piece of news has been kicked off of the executive committee that was made up of thirteen attorneys general who were involved in the direct negotiations with the banks. did you guys hear that the one man who was opposed to this bogus feel has now just been booted from the committee that's what you get for having a mind of your own these days for daring to stand up to corruption the powers

settlement that's going to mean the brain i turn to general attorneys general of states and we had eric schneiderman the new york attorney general who was the sole opposing voice here who now has been kicked off the executive committee and we found out the obama administration is pressuring him i mean i think this is just the most ridiculous ludicrous thing i've ever heard of you know if you listen to ok so i'm half with you so here's where i'm with i'm with you and it is that the idea of having all the banks legal problems be summed up in one big deal that is only a deal that for. dealing with foreclosure and servicing issues that's problematic if you afterwards there we're writing exactly should be here's where here's where i think that the new york attorney general is wrong is he's trying to. to get everything all in place he's trying to get consumer problems investor problems and a mortgage. foreclosure problems in the service and it's all in one package that's a bad approach because that's going to take a really long time and we need to get at least the servicing part done so my my thought here

further litigation and there is one figure that really stood out here new york attorney general eric schneiderman who is refusing to sign on finally we saw somebody willing to stand up say the banks do not deserve to get off scot free here now of course twenty billion isn't exactly scot free but considering how many millions of americans found themselves underwater with home loans in their mortgages it's a pretty small number but this week we found out that the obama administration is in fact putting the new york attorney general under increasing pressure to drop his opposition to this settlement and they're not just pressuring him you know they're waging a campaign by contacting his allies including consumer groups and advocates for the borrowers. now does anybody else see something really really wrong with this picture the obama administration is using their muscle to pressure an attorney general to let the banks crimes be brushed under the rug and the sick thing is they're trying to make this about the people they're claiming that this settlement needs to go through to deliver much needed reli