A year ago, in his State of the Union address, President Barack Obama promised to sic a task force of prosecutors on Wall Street firms, offering up some election-year red meat by targeting the bad guys who bundled toxic mortgages and sold them as solid investments during the financial crisis.
But as Obama prepares to address the nation again, on Tuesday night, his Residential Mortgage-Backed Securities Working Group has more words in its name than wins in court.
The group’s struggle to meet its mandate illustrates just how difficult it can be for the president to convert on State of the Union promises from one year to the next.
Source: Politico. Read full article. (link)