Steve Cohen

Is the era of freedom of contract over in this country? I hope it is not.

Why are we still trying to get out of the historic credit crisis in this country?

It promised to help virtually no one while inflicting unnecessary damage on the home lending market and the rule of contract.

In my view, this provision would have substantially and effectively reduced the number of foreclosures.

Unfortunately, home foreclosures continue to rise precipitously nationwide, notwithstanding the efforts by the Congress and the previous Administration and this Administration to stem that tide of foreclosures.

Today's hearing gives us an opportunity to revisit the roots of the mortgage foreclosure crisis and its continuing effects on our economy.

I am just tremendously frustrated that we have provided funding for banks around the country, and yet they are stiffing the homeowners of the United States.

I wonder how many of those lost their jobs and lifelong savings, would say that the deferred prosecution system did its job?

To them I need cite only one example, AIG, 2004, 2006--two deferred prosecutions and it worked well, didn't it?

We are not just talking about the manager. We are not talking about a manager of a baseball team...

I believe we have a solemn to oversee these practices and take corrective action when it is called for.

It gives us no information whatsoever. No billable hours, no reimbursable expenses.

Wouldn't Mr. Christie's selection of his former employer, Attorney General Ashcroft, for this lucrative monitoring contract be a direct violation of that Federal rule?

In that type of arrangement or that type of settlement would be not permitted any longer is that right?

I am proud of my earmark. I hope you will enter all of the earmarks I get from my district.

I would ask unanimous consent to introduce at the appropriate time, the original press release that identifies this earmark to this company called Smith & Nephew by the gentleman from Tennessee, Mr. Cohen, an $800,000 earmark.

Nobody turned one down.

The bottom line is you made them an offer they couldn't refuse.

I am sure, I hope, that these decisions were made in good faith, but they reek of favoritism, high fees, and it is not a good situation, and secrecy.

If you are going to have a viable justice system you need transparency.

I would suggest, Mr. Chairman that it ought not to be the prosecutor.

In these corporate situations sometimes the public never knows of the wrongdoing of the corporation, and the public is harmed.

But nevertheless, the offenses that the corporations are generally alleged to have committed, are more serious than the minor misdemeanor that a person might have committed as a first criminal offense.

I understand that corporations are different than individual citizens in that they represent a large number of stockholders.

At all but one of our carriers, every one of the agreements for the crew members is collectively bargained.