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Senator Elizabeth Warren grills regulators, ending quiet first month in office
Key Excerpts from Article on Website of Boston Globe
Posted: February 19th, 2013
http://www.boston.com/politicalintelligence/2013/02/14/senat...
After campaigning last year as an outspoken consumer advocate and Wall Street critic, Senator Elizabeth Warren was surprisingly quiet during her first month on Capitol Hill. But that changed on [Feb. 14] at the Massachusetts senior senators first hearing, when she rebuked federal regulators for settling civil cases with big banks instead of taking them to trial. Looking at the seven regulators arrayed before the Senate Banking Committee, and noting that she had often sat at the same witness table before becoming a senator, she used her new power to question why the federal government has not been more aggressive. The question I really want to ask is about how tough you are about how much leverage you really have, Warren said. Tell me a little bit about the last few times youve taken the biggest financial institutions on Wall Street all the way to trial. None of the witnesses representing the Securities and Exchange Commission, the Commodity Futures Trading Commission and others offered a response. Warren seized the hearing to chide regulators for not taking legal stands against Wall Street, saying that the threat of trial is an important tool in keeping big banks in line, despite the vast resources required to do so. If a party is unwilling to go to trial either because theyre too timid or they lack resources the consequence is they have a lot less leverage, Warren said. If [banks] can break the law and drag in billions in profits and then turn around and settle paying out of those profits, they dont have that much incentive to follow the law.
Note: For deeply revealing reports from reliable major media sources on the corrupt regulation of financial activities, click here.
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