Where have all the task forces gone?

President Obama announced a new task force today to investigate the disappearance of the mortgage fraud task force he appointed earlier this year as well as another one he appointed in 2009.

“When duly appointed task forces vanish into thin air without a trace, this administration will not accept it,” the president said. “We expect this new task force, which will be called the Task Force Task Force, to move forcefully to accomplish its task.”

The Task Force Task Force’s mission will be made easier, the president said, because he appointed as one of it’s co-chairs the New York state attorney general, Eric Schneiderman. The New York state attorney general was also appointed co-chair of the mortgage fraud task force, which has not been seen or heard from since the president announced it during his State of the Union speech January 24.

Schneiderman said he would move “quickly” to interview himself as soon as he had a chance to familiarize himself with the circumstances of the disappearance of the mortgage fraud task force.

“We will get to the bottom of this,” Schneiderman pledged.

To show his seriousness, the president said he was reconvening the band of Navy SEALS who worked on the mission to find and kill Ban Laden in Pakistan, and putting them at the service of the Task Force Task Force. “When a group of American citizens go missing in the service of their country, we take it very seriously,” the president said. “One task force vanishing is bad enough, but two?”

Schneiderman refused to be pinned down to a timetable for the investigation. He also refused to comment on his previous insistence that he would “take action” if the mortgage fraud task force was stymied.

Schneiderman also refused to answer specific questions swirling around the mortgage fraud task force, such as why the entire mortgage fraud task force had a mere 50 lawyers when the Enron task force, convened to investigate a previous financial scandal involving a single company, had more than 100 lawyers working on it and why the mortgage fraud task force apparently still doesn’t have office space.

Schneiderman acknowledged that there are some mysteries that may be too deep for the new task force to unravel.

Was the mortgage fraud task force, aka the Residential Mortgage-Back Securities Working Group, actually a part of the earlier Financial Fraud Task Force, established November 17, 2009? Was the mortgage fraud task force actually something new, or just a PR offensive that amounted to nothing more than a repackaging of already existing efforts?

Though U.S. Attorney General Eric Holder has touted the administration’s efforts in going after financial fraud as nothing less than “historic,” the administration has yet to bring a criminal prosecution against a single major executive of a too big to fail institution. Some have questioned whether the president, who received more money from Wall Street than his Republican opponent, John McCain, really has any desire to hold Wall Street executives accountable for their actions.

Schneiderman’s investigation into the vanishing task forces may lead him right into the Oval Office to the man who appointed them.

A month before President Obama announced his new mortgage fraud task force in the State of the Union speech, the president told 60 Minutes, “Some of the most damaging behavior on Wall Street — in some cases some of the least ethical behavior on Wall Street — wasn’t illegal. That’s exactly why we had to change the laws.”

 

 

Financial Crisis / Martin Column / President Barack Obama - 04/24/2012

Bringing it All Back Home

Looking at the photo of President Obama and his advisers tracking the mission to kill Osama bin Laden, I was struck by the president’s extraordinary intensity.

In the photograph I read not only his passion for the mission and his concern for the Navy SEALS, but his knowledge that his own job could be at stake.

Looking at Obama so present in the photograph, I couldn’t help but think about how absent he’s been from the economic crisis that’s afflicting millions of people here at home. Yes, he’s been worried about Bin Laden; yes, he’s obsessing about the deficit; and yes, he’s got to raise a billion dollars to fund his reelection. But we are still facing an economic crisis that has left housing behind, with the worst unemployment in decades.

So where’s the situation room for the unemployed and those losing their homes? Where are the presidential commissions and crack teams focused on tracking down new ways to salvage communities ravaged by foreclosure and joblessness?

I had the opportunity to hear President Obama at a rally a couple of weeks ago. He talked about how he stays up late reading letters from the unemployed. But the president’s rhetoric rang hollow and slick in the face of his lack of aggression in fighting for benefits for the long-term unemployed. He abandoned them at the same time that he extended the Bush era tax cuts for the wealthiest.

They’re the Obama era tax cuts now.

We’re in a bitter fight for real economic recovery here at home, to keep the most vulnerable from further suffering, to narrow the widening gap between rich and poor, to keep the country from losing its soul. It’s a complex mission, in uncertain terrain, against implacable foes.

The mission in Abbottabad required guts, rigorous planning, determination and flawless execution to accomplish what was deemed just and right. Now we need our president and all of his intensity fighting for us here at home.

 

 

Martin Column / President Barack Obama - 05/12/2011