Pretty good question Elizabeth Warren.

[redandguilty]

http://www.upworthy.com/elizabeth-w...ious-question-ever-and-stumps-a-bunch-of-bank

 

[Mitchrapp]

Am I suppose to guess what the question is?

 

[redandguilty]

Am I suppose to guess what the question is?

Sorry. She asks a group of banking regulators when's the last time they took a Wall St. bank to trial rather than settle.

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 they’re 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 don’t have that much incentive to follow the law.”

The regulators often sought to avoid directly answering Warren’s questions regarding their prosecutions.

“The institutions I supervise . . . we’ve actually had a fair number of consent orders,” Comptroller of the Currency Tom Curry said, referring to out-of-court settlements. “We do not have to bring people to trial.”

“I appreciate that you say you do not have to bring people to trial,” Warren countered. “My question is when did you bring them to trial?”

At another point, Elisse Walter, chairwoman of the Securities and Exchange Commission, defended her agency, saying, “We look at the distinction between what we can get if we go to trial and what we can get if we don’t.”

Warren interrupted her: “I appreciate that. That’s what everybody does. The question I’m really asking is, can you identify when you last took the Wall Street banks to trial?”

“I will have to get back to you with the specific information,” replied Walter, her arms crossed.

Warren had pledged to help rein in wrongdoing by big banks when she ran for the Senate last year, and the financial industry poured millions into the campaign coffers of Warren’s Republican opponent — then-Senator Scott Brown — to keep her out of office.

On Thursday, Warren urged regulators to step up the legal actions.

“There are district attorneys and US attorneys who are out there every day squeezing ordinary citizens on very thin grounds and taking them to trial in order to make an example,” she said.

As for taking on banks, she added, “I’m really concerned ‘too big to fail’ has become ‘too big for trial.’ That just seems wrong to me.”

http://www.boston.com/news/politics...onth-office/rEHdymDsEVcT5yW52LD93M/story.html

 

[Mitchrapp]

Okay thanks.

 

[Michchamp]

good for her.

she's one of the few senators out there who seems like a decent person... "for us" instead of "against us." Not insulated from the public in the bubble of nepotism that is DC. I'm sure she's not perfect; not saying she walks on water, but... good enough in this day and age.

remember reading the trumped-up outrage from retards on facebook about her alleged native-american heritage, and thought, "You do realize one of the most powerful industries on the planet HATES her, and THAT is the best thing they could come up with to tar her during this election. Who's side are you on?"

the SEC is completely a joke.

Red, did you read about the chairwoman Obama nominated? her career signifies everything wrong with the world.

 

[Michchamp]

corrupt, corrupt, corrupt...

 

[Michchamp]

link.

"Senate Republicans are urging President Obama to alter the structure of the bureau by subjecting it to annual appropriations and installing a five-member board for greater transparency and accountability.
...
Working alongside Sens. Sherrod Brown (D-Ohio) and Jack Reed (D-R.I.), Warren held news conferences Wednesday and Thursday calling on Republicans to bring Cordray?s confirmation to a vote. In response to GOP claims that the bureau operates without controls, the senators noted that CFPB can be overruled by the Financial Stability Oversight Council and has a statutory cap on its funding.
...
Earlier this month, a group of 43 Republican senators sent a letter to the president promising to hold the confirmation hostage unless their demands are met.
​

...so, basically 43 GOP senators can hold up a bureau designed to police consumer loans, mortgages, credit card debt, and student loans... created after widespread and rampant corruption in that industry tanked the economy and lead to a severe recession... and Mitch McConnell is going to claim the CFPB has too little accountability? :ugh:

 

[redandguilty]

corrupt, corrupt, corrupt...

Transparency doesn't even matter any more. There's too much dirt to take it all in and keep track of what to be outraged about. I'm just going to focus on changes to the shade of maize in Michigan's football helmet from now on. That's the cause I'll care about.

 

[redandguilty]

"Regulatory capture"

Good phrase to learn. It means the fox is guarding the hen house.

http://en.wikipedia.org/wiki/Regulatory_capture#American_examples