I was struck by the, not quite contemptuous, disregard of the opinion of Judge Grossman. Mr. Anderson’s use of the word “opining” and his tone implied to me his general dismissal of the judge and his opinion.
Third, the willingness of Mr. Anderson to so readily express his opinion, an opinion that must be at least partially based on inside knowledge, that the OCC and the administration would do all it could to protect the standing of MERS members.
These three things tell us something of the MERS culture and what they are thinking internally. Although the words, descriptions and tone were those of Mr. Anderson communicating with what he must have assumed was a MERS member, one has to suppose that his thoughts and attitude, if so blatantly displayed must reflect the thinking and attitude of the larger organization. And that thinking was clear: that MERS is too big to fail, and hence will never have to worry about having to account for its sloppiness and misconduct.
But is this confidence well founded? As much as MERS believes it has bank regulators firmly in its camp, its reach into courtrooms all over America is quite another matter. I’d like to think that one reason Anderson was so keen to dismiss the judge’s decision in Agare is that he, and increasingly other judges, do not accept that financial services industry players are above the law. From his ruling:
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