Elizabeth Warren Puts Financial Regulators on Trial

Senator Elizabeth Warren shows she's a firebrand in her first banking committee hearing.

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Thursday’s hearing before the Senate Banking Committee had a boring name: “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections.”  But it was Elizabeth Warren’s first, and she came out swinging at Wall Street by going after their government regulators.   After settlements were repeatedly raised to show that the industry had been better regulated after the economic collapse,  Warren asked, “Anyone else want to tell me about the last time you took a Wall Street bank to trial?”  When no one would, or could, answer her question, Warren said to applause, “I’m really concerned that ‘too big to fail’ has become ‘too big for trial.’”

These are the witnesses present at the hearing:

Mary Miller, Under Secretary for Domestic Finance, U.S. Department of the Treasury

Daniel Tarullo, Governor, Board of Governors of the Federal Reserve System

 Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation

Tom Curry, Comptroller, Office of the Comptroller of the Currency

Richard Cordray, Director, Consumer Financial Protection Bureau

Elisse Walter, Chairman, U.S. Securities and Exchange Commission

Gary Gensler, Chairman, U.S. Commodity Futures Trading Commission.

20 comments
gysgt213
gysgt213

“Anyone else want to tell me about the last time you took a Wall Street bank to trial?”


Excuse me.  Senator Warren did not come out "swinging" unless the definition and use of that phrase has been turned upside down. She asked a simple question and the story is in the inability of the witnesses to answer that simple question when they should have been prepared.  It wasn't a trick or complicated question and quite frankly its one the press should be asking too.


jmac
jmac

Where are the other Elizabeth Warrens and Paul Krugman's?  Why is she the only voice out there besides Occupy Wall Street?  Does the nation really not know how close we came to folding?   Obama  let Geithner (when he was on the NNY Stock Exchange)  whisper in his ear in that big meeting before he won the presidency (where Bush took to the microphone and said, "I'm not an economist" and where McCain came out looking like the clueless doofus he is on the economy).   It's fine to save the banks in an emergency - it's another thing to let them get away with it as we put Martha Stewart in jail.  Dimon should be hung.  It started at J.P. Morgan.  

reallife
reallife

Could it be that the banks are trading so low because nobody believes that they're going to do well in the second term of the Obama administration as Mr Tarullo said?
Senator Pocahontas is showing how little she knows about how the economy and Wall Street work, but it works for the cameras and the low information voter.
No surprise there.


 

MrObvious
MrObvious

That's right lady, aim for the jewels. It's time for a lady to show how that whole oversight hearing legislation thing is done. No ass kissing and no theatrical clownery. Just lots of foot and fist.

deconstructiva
deconstructiva

Soooo... the R's and their banking buddies wanted to keep Warren out of the CFPB. They succeeded ...and now she's a Senator in a (mostly) D-led Senate (except during filibusters, where that nuclear option again? but I digress). Do the words karma and payback mean anything to the Right?

SteveZStein
SteveZStein

And what was the witness's response?  Crickets.

Paul,nnto
Paul,nnto

I should add that Tarullo's statement at the end was a great example of a lot of words boiled down to "Nothing to see here"

Paul,nnto
Paul,nnto

Crazy. It's almost as if she is performing, what's the word? Oh yeah-oversight. 

ifthethunderdontgetya
ifthethunderdontgetya

@gysgt213<i>It wasn't a trick or complicated question and quite frankly its one the press should be asking too.</i>

"It is difficult to get a man to understand something when his salary depends upon his not understanding it."


reallife
reallife

@jmac oh no! you're trotting out the "nobel laureate" now  hahaha his nobel prize has as much value as president kardashian's peace prize LOL 

BobJan
BobJan

@reallife And you know how everything works. ha-ha-ha-ha-ha. Need some rubber bands to keep your car running? Maybe you can go see your Senator and tell him how it all works. When was the last time you had a conversation with your representative? was it when he sent your friends to a war that he didn't want to send his own kids off to? Wall Street, do you work there cleaning the wastebaskets? Yeah everything was fine while GW and his vigilantes were in charge and then someone looked at the books and realized we had idiots in charge. 2 wars, 2 tax cuts, humongous drug giveaway plan, TSA and Homeland Security. How to pay for it all? Oh me oh my, let's rob social security to pay for it. That's the problem with the debt, it's social security. Not that GW and his vigilantes started 2 wars, 2 tax cuts, humongous drug giveaway, TSA and Homeland Security. you're a hoot.

jmac
jmac

@reallife It's not about trading low,  you idiot.   The banks deliberately took us under due to greed (betting against your own toxic loans you bundled and sold under the table knowing they were toxic should be a crime).  IT IS A CRIME.  It's wasn't a laughing matter even though they laughed all the way to billions.       We almost went into a Great Depression as we bailed them out.    It' absolutely amazing that we are letting the banks get away with what they did.  It also shows just how bought and paid for most of our politicians are AND how beyond stupid  we are as a nation on the economy.  WE HAVE COMPLETELY IGNORED HISTORY as we repeated history.   

Sue_N
Sue_N

@deconstructiva Just another instance of the Party of Guns shooting themselves in the foot.

bobcn
bobcn

@Paul,nnto

What a rookie move.  She should try to learn from her more experienced peers.  For example,  she could try to emulate McCain's expert handling of his Benghazi 'oversight' -- skip the Senate's Benghazi briefing and then get in front of cameras and complain of a lack of information.

She also seems confused about how to properly question hearing witnesses.  She asks direct questions and then expects answers.  She hasn't yet learned the skills displayed by her more senior Senate peers -- to brow-beat and lecture witnesses with long winded speeches while not eliciting any information from them at all.


jmac
jmac

@reallife @jmac We understand the Right's fear of Nobel winners, the elites, critical thinking and understanding history.    You are not to be found in Academia.  My daughter works at UT Southwestern in Dallas and they were just handed a flyer about the need for more conservatives  in Academia (Texas is getting nervous).    Good luck with that one as the guy who gave the State of the Union rebuttal hedges about whether the earth is 6,000 years old.