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ddayen's profile
David Dayen
David Dayen
David Dayen
@ddayen

David Dayen

@ddayen

Author of Chain of Title, winner of the Studs & Ida Terkel Prize. Writer @thenation, @Theintercept, @TheFiscalTimes, @vice, @theprospect, etc.

davedayen.com
Joined August 2007
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    1. David Dayen ‏@ddayen 22 Dec 2016

      3. Remember when those who've seen the pathetic game DoJ has run for 8 years urged a little caution on that number?http://www.thefiscaltimes.com/Columns/2016/10/04/Justice-Departments-Deutsche-Bank-Crackdown-More-PR-Punishment …

      1 reply 12 retweets 24 likes
    2. David Dayen ‏@ddayen 22 Dec 2016

      4. Well DoJ & Deutsche announced an agreement in principle tonight. It's $3.1 billion.https://www.washingtonpost.com/business/economy/deutsche-bank-agrees-to-pay-72-billion-to-settle-mortgage-abuse-case/2016/12/22/d3eac2b4-c6ca-11e6-bf4b-2c064d32a4bf_story.html …

      1 reply 20 retweets 27 likes
    3. David Dayen ‏@ddayen 22 Dec 2016

      Don't get fooled by the headline $7.2 billion number. $4.1 billion is in "credits" for loan modifications. DEUTSCHE DOESN'T OWN THE LOANS.

      2 replies 24 retweets 44 likes
    4. David Dayen ‏@ddayen 22 Dec 2016

      6. It's great that someone who needs it might get a loan mod but Deutsche is paying over half this penalty with someone else's money.

      1 reply 18 retweets 26 likes
    5. David Dayen ‏@ddayen 22 Dec 2016

      7. Some (incl me) were concerned that Deutsche had no reason to comply with a settlement since their borrower Trump would soon be in the WH

      1 reply 12 retweets 18 likes
    6. David Dayen ‏@ddayen 22 Dec 2016

      8. But before you think this deal sucks b/c DoJ lost their leverage, understand this is the same crappy settlement they've done w/every bank

      1 reply 17 retweets 34 likes
    7. David Dayen ‏@ddayen 22 Dec 2016

      9. The worst part is that DoJ has changed norms (not just Trump) by turning these dumb settlements into a substitute for accountability.

      5 replies 21 retweets 54 likes
    8. David Dayen ‏@ddayen 22 Dec 2016

      10. You sprinkle a small fine w/"help for homeowners" (which doesn't reach them to the degree promised), hold a press conference & smile

      4 replies 13 retweets 25 likes
    9. David Dayen ‏@ddayen 22 Dec 2016

      11. BTW this was a case where investors were lied to about quality of mortgages in bonds. Do they see any restitution here? No.

      3 replies 13 retweets 30 likes
    10. David Dayen ‏@ddayen 22 Dec 2016

      12. I'm rather old-fashioned, I think the penalty for a crime should benefit its victims.

      6 replies 16 retweets 49 likes
      David Dayen ‏@ddayen 22 Dec 2016

      13. The Obama DoJ has transformed a law enforcement agency into a debt collector. It's a sad legacy.

      • Retweets 37
      • Likes 76
      • Anna Le Claire Wayne Borders gideon v wainwright Bruce_McHenry i realized it dean starkman Gabriel Puliatti Lainie Kartoon Fro Dough Dabinses
      9:41 PM - 22 Dec 2016
      4 replies 37 retweets 76 likes
        1. Atrios - Deer Gutter ‏@Atrios 22 Dec 2016

          @ddayen w'ell be properly outraged by all of this in a month

          1 reply 0 retweets 9 likes
        2. David Dayen ‏@ddayen 22 Dec 2016

          @Atrios Bush's Justice Dept was better on this stuff. Not inconceivable the next one will be too.

          8 replies 4 retweets 10 likes
        3. Show more
        1. Rick Barone ‏@RBarone7 23 Dec 2016

          @ddayen who pushed this philosophy? I can't imagine this was BO's, Holder's & Lynch's. Is this Geitner's baby? Anyone else we should shun?

          1 reply 0 retweets 0 likes
        2. David Dayen ‏@ddayen 23 Dec 2016

          @RBarone7 It's completely on Holder, but presidents should accept responsibility for the actions of their subordinates

          1 reply 0 retweets 1 like
        3. Rick Barone ‏@RBarone7 23 Dec 2016

          @ddayen I agree, but I just want to make sure we're in look out for any other names that might creep up again down the road.

          0 replies 0 retweets 0 likes
      1. Neuro_Séance ‏@NeLLLieBly 25 Dec 2016

        @ddayen It functions like a fence, or a chop shop: a crime-laundering facility. Or, a mock priest absolving mock penitents, grateful tithers

        0 replies 0 retweets 0 likes
      2. Kevin Tierney ‏@CatholicSmark 23 Dec 2016

        @ddayen debt collector means youre in a position of patron. Maybe you'll collect less in exchange for fealty

        0 replies 0 retweets 0 likes

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