Elizabeth Warren Stumps all the Federal Bank Supervisors

Elizabeth Wareen took the Federal bank regulators to task with a simple question that none of them could answer: "Can you give me an example of an enforcement action against a major bank that went to trial?"

She then scolded them, saying that federal prosecutors and DA's file cases against ordinary Americans every day, and Too Big to Fail has become Too Big to Prosecute.

Pretty good for her first month on the job!
http://www.upworthy.com/elizabeth...ch-of-bank

A case might be made that getting the economy back on track was more important than striking fear into the hearts of bankers when the economy was on the ropes.

But years later, when all they have is what appears to be selective prosecution against S&P, they make it look like it's hands off due to political consideration$.

I am no fan of EW.

However, she is dead on in this situation. Bank officials have NEVER paid for their lies and fraud.

Quote from amazon-jim : I am no fan of EW. However, she is dead on in this situation. Bank officials have NEVER paid for their lies and fraud.

Agreed. But then it's one thing to point your finger and give them a good talking too....vs. actual prosecution for crimes. When there are more white collar criminals in jail, EW gets my respect. For now, she's just talking and finger waving.

Quote from StarNova : Agreed. But then it's one thing to point your finger and give them a good talking too....vs. actual prosecution for crimes. When there are more white collar criminals in jail, EW gets my respect. For now, she's just talking and finger waving.

In this particular context, however, what else can she or any other member of Congress do? While she is a lawyer, she's not currently a prosecutor with the power to bring such criminal charges.

Quote from Rebound : Elizabeth Wareen took the Federal bank regulators to task with a simple question that none of them could answer: "Can you give me an example of an enforcement action against a major bank that went to trial?" She then scolded them, saying that federal prosecutors and DA's file cases against ordinary Americans every day, and Too Big to Fail has become Too Big to Prosecute. Pretty good for her first month on the job! http://www.upworthy.com/elizabeth...ch-of-bank

She is just faaaaaaaaantastic! I hope she stays pure.

Quote from smegalicious : In this particular context, however, what else can she or any other member of Congress do? While she is a lawyer, she's not currently a prosecutor with the power to bring such criminal charges.

Exactly, she's pretty much powerless. Unless the president gives her power with executive order, she can bring bankers before her to testify but there are no real changes. No prosecutions. It's Lehman brothers vs. Goldman. Whose got the political favor in Washington? Right now, nobody touches the bankers and probably won't in the future. She's putting on a show that won't have any real impact in the financial sector.

Congress can enact laws that would have a serious impact but they choose to turn a blind eye

Powerless? I'd hardly describe her as powerless. Why hasn't she introduced legislation that actually creates regulations? Or maybe hold the president's feet to the fire? She's all talk and no action. When she actually tries to do something I'll be impressed. Until then, this is smoke and mirrors.

Quote from Halfspin : Powerless? I'd hardly describe her as powerless. Why hasn't she introduced legislation that actually creates regulations? Or maybe hold the president's feet to the fire? She's all talk and no action. When she actually tries to do something I'll be impressed. Until then, this is smoke and mirrors.

Holding hearings is a common way to build support, both public and Congressional, for action.

She can't just mandate changes by herself.

Quote from Halfspin : Powerless? I'd hardly describe her as powerless. Why hasn't she introduced legislation that actually creates regulations? Or maybe hold the president's feet to the fire? She's all talk and no action. When she actually tries to do something I'll be impressed. Until then, this is smoke and mirrors.

She's holding their feet to the fire, and put them and the banking industry on notice. It's likely that there will be prosecutions now.

I'm happy to see this. The question is will she cave to the leadership in her own party who tell her to stand down? If she doesn't try to bite anybody it's all just barking, which makes people feel warm and fuzzy but gets nowhere. You think she'll put old Barney up on the stand?

Quote from Rebound : Elizabeth Wareen took the Federal bank regulators to task with a simple question that none of them could answer: "Can you give me an example of an enforcement action against a major bank that went to trial?" She then scolded them, saying that federal prosecutors and DA's file cases against ordinary Americans every day, and Too Big to Fail has become Too Big to Prosecute. Pretty good for her first month on the job! http://www.upworthy.com/elizabeth...ch-of-bank

Great work Elizabeth. She had those Federal bank regulators squirming just like a republican worried about running against a tea party hack.

Go get em tiger.

Quote from 124nic8 : Holding hearings is a common way to build support, both public and Congressional, for action. She can't just mandate changes by herself.

Sure, but how can one tell the difference between posturing and building support? I believe the only way is by following up with action. In her position that action looks like sponsoring a bill or twisting Obama's arm.

Quote from Rebound : She's holding their feet to the fire, and put them and the banking industry on notice. It's likely that there will be prosecutions now.

Besides getting Roger Clemens to commit perjury, do congressional hearings really 'accomplish' anything? Keep in mind that I really wish they did.