Elizabeth Warren Hammers The Endless Failures Of Wall Street Regulators by Zach Carter | huffingtonpost.com | Posted: 04/15/2015 6:10 pm EDT Excerpts: WASHINGTON -- "Sen. Elizabeth Warren (D-Mass.)assailed the nation's top bank regulators on Wednesday for coddling Wall Street offenders and ducking the responsibilities Congress assigned them in the wake of the 2008 financial meltdown. At a conference hosted by the Levy Economics Institute, Warren called not only for structural change to the banking system but for a revamping of the weak enforcement culture at the Federal Reserve, the Securities and Exchange Commission and the Department of Justice, according to a transcript of her prepared remarks. Although Warren did not cite any officials by name, the regulatory failures she highlighted reflect poorly on a host of key policymakers, including U.S. Attorney Loretta Lynch, nominated to be the next attorney general; Fed General Counsel Scott Alvarez; and SEC Chair Mary Jo White. "The Department of Justice doesn't take big financial institutions to trial ever -- even when financial institutions engage in blatantly criminal activity," Warren said. She accused DOJ of turning deferred prosecution agreements, designed for low-level offenders, into "get-out-of-jail-free cards for the biggest corporations in the world." ..... "The SEC is even worse," Warren said, noting that the agency has repeatedly granted significant regulatory perks to companies that it has charged with civil securities fraud. The senator also criticized the SEC for slow-walking CEO pay regulations required by the 2010 Dodd-Frank financial reform law and for protecting the secrecy of corporate political contributions. "The SEC needs to get its act together," Warren said. "In all sorts of ways and on all sorts of issues." The one bright spot in the bank regulatory world? The Consumer Financial Protection Bureau, which Warren praised for returning over $5 billion to wronged consumers since it began operations in 2011. The CFPB was Warren's brainchild, and she helped set up the agency after it was created by Dodd-Frank. Two years later, at her first Banking Committee hearing as a senator, she laid into financial regulators, asking when they had last brought a Wall Street bank to trial" read more: http://www.huffingtonpost.com/2015/04/15/elizabeth-warren-wall-street_n_7073040.html ....... IMO: Once again Senator Elizabeth Warren has stirred up a hornet's nest as she goes through each department telling them how reforming is necessary after the lax way they have operated thru the years which ultimately has weakened the whole banking structure and hurt the confidence the American people have in Wall Street. For decades Wall Street has taken tax payers' funds to climb out of their failures in risky financial ventures. Those funds could pay for unemployment, retraining citizens, food stamps, and free medical care for the poor - but it all went to the bank CEO's who still made a profit even if the bank failed. What obscene kind of Democracy is that when the middle class is perpetually owing some government department for that agency's risky behavior? Like, who made the middle class the payor of every bank department's failures? Who took advantage of all those Social Security payments made for decades by citizens that are now probably going to get a voucher a year from their own earnings over the long working years and told to live on the meager amount specified in the voucher. Were the peoples' earnings put into safe keeping used for any other purpose and the money returned ? Or was the money put into an interest bearing account, or money market, certificate of deposit, to safeguard it for future recipients? Or was money taken with an IOU thrown in, and then forgotten...by former presidents. These are questions that ultimately need to be answered, remedied, and accounted for, especially concerning the peoples' purported responsibility in covering Wall Street losses year after year, with an immediate remedy offered with interest on any alleged funds missing from the peoples' work earnings. Social Security is an entitlement owned by the people due to every participating American citizen upon our retirement and should reflect our earnings plus interest on the collective S.S. account that is being held for payment to each American citizen upon retirement.
You won't see a single consevative on this thread. They don't criticize Wall Street or Big oil,,,,,,,ever.....
Warren makes two people (Hillary is the other) who could run for POTUS and win. With Hillary as prez I'm sure Warren will be a sought after mind. The GOP is nuttier than a jar of Goobers and have no one to offer.
Sadly, this year's clown car is even boring in comparison to the 2012 model. We haven't seen a con man quite like Herman Cain yet. No Michelle Bachman. We don't even have Caribou Barbie doing her "will she, or won't she act"!
It's called Crony Capitalism... and welcome to one of the TEA Party's big issues. Welcome to 2011. [video=youtube;_fLm6P2bwOo]https://www.youtube.com/watch?v=_fLm6P2bwOo[/video] The OWS crowd had the argument right. They just didn't realize they were late to the TEA Party.
Well, Elizabeth Warren has actually started to do something about it. And where are the tea partiers?????? They're busy yelling "Fauxcahontas" like the man on the AM radio told them to!
Because if the Tea Party was really about economic issues then they would have formed long before they did, but they didn't, and they aren't.
1. Fauxca is an idiot with 0 understanding of capital markets or sophisticated finance, 0 credibility other than among the union label rabble she panders to. The only "slow-walking" is when one of her brain cells rattles across the inside of her skull to confer with the other one. 2. Dodd Frank is a hideously bad law, that's why it is proving unworkable to promulgate rules for and enforce. Even financially-knowledgeable Democrats know it, she has now aimed her ignorance-beam at them too. The CEO pay provision within it is utterly unnecessary and superfluous to prevent fraud, which is... surprise surprise...the thing, and the ONLY thing, that our securities regs are supposed to do, not bolster partisan union label talking points. No institutional investment screen tracks it despite tracking hundreds of other ratios and indicators, and no due diligence review includes it. CEO pay is already a required disclosure and has been for decades. 3. I hope by some miracle that she ends up as the Democrat nominee. Please Lord o please, grant an atheist this one simple prayer!
Liberal policies are what allows them to run amok. Dodd-Frank gave the big banks so much power its not even funny. Repeal that garbage.
Which is why they never talk about it? "Crony Capitalism" is just code for any business they disagree with, like Apple during the Indiana RFRA fiasco. I never hear supposed Tea Party politicians denouncing oil subsidies, or the multi-million dollar tax refunds GE and other companies rake in each year.
When it comes to politics, they isn't much I agree with Warren on. But I do agree with her here. I have seen too many times when it comes to Wall Street, a candidate/elected official with a wink and a nod towards them blasts them in the press or in a campaign speech. Then continues to accept their millions in campaign donations and does nothing about whom they just blasted. Warren seems to mean what she says and is not the wink and nod business as usual politician. time will tell, but so far I like what I see here.
Oh really? http://dailycaller.com/2011/09/15/sarah-palin-general-electric-is-poster-child-of-crony-capitalism/
It's not just GE, although they're a nice target because of Obama administration ties. But, let's take her at face value, let's say she really does want eliminate corporate tax loopholes. What do the politicians of her ilk, that have actual power and legislative authority do? I'm sure a hearing will scheduled right after 238th Benghazi hearing wraps up.
Then you have never been to an event or been listening. You leftists make up your own little warped realities, apply it to others, and think you know something. I have seen more ignorance about the TEA Party in this thread by virtually every Liberal that posted about it. Another Pro-Tip, the TEA Party is against much of the military spending as well. I'll bet you idiots didn't know that either or thought otherwise. You only believe what MSNBC, ThinkProgress, DailyKos, etc... tell you to believe. There is no real investigation by any of you.
I criticize them, PLENTY,, but then I am not a conservative. I am so far to the right of "conservatives" that Attila is barely in sight, (on my LEFT).
Believe it or not, I've been to a lot of Tea Party rallies. I don't want to give up too much identifying information, but I have produced a substantial amount of work documenting the conservative movement, and still consume right-wing media quite regularly to this day.
