Slickdeals User Survey 2017 We are giving away 200 gift cards worth $25 each! See More
Forum Thread

Elizabeth Warren Stumps all the Federal Bank Supervisors

Rebound 16,874 1,001 February 16, 2013 at 10:25 AM
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

40 Comments

1 2 3

Sign up for a Slickdeals account to remove this ad.

Joined Aug 2003
L∞: The Doctor
3,187 Posts
150 Reputation
#16
Quote from 124nic8 View Post :
Sure, but she has build support for it first.
Why do you think she won't follow through?
Because I was responding to the OP that seems ecstatic that she flayed them with words.
Quote from Rebound View Post :
She then scolded them, ...
Pretty good for her first month on the job!
The majority of this type of hearing is posturing and never amounts to anything. I have no reason to think that Elizabeth Warren is any different so I'm withholding judgement until she follows it up. Until then she's just another politician.
Reply Helpful Comment? 0 0
#17
Quote from Halfspin View Post :
Because I was responding to the OP that seems ecstatic that she flayed them with words.

The majority of this type of hearing is posturing and never amounts to anything. I have no reason to think that Elizabeth Warren is any different so I'm withholding judgement until she follows it up. Until then she's just another politician.
Exactly. It's best not to get your hopes up with politicians. Look at Obama. People thought he was going to change the world (and Washington). Then he turned out to be just another politician.
Reply Helpful Comment? 0 0
All growth depends upon activity. There is no development physically or intellectually without effort, and effort means work. — Calvin Coolidge
"Under Barack Obama, the only 'change' is that 'hope' is hard to find" - Marco Rubio
Joined Jan 2010
L10: Grand Master
6,619 Posts
944 Reputation
#18
Best of luck to her.
Reply Helpful Comment? 0 0
Quote from charles052 View Post :
You have blind faith whereas I do not.

Quote from skiman View Post :
I can't escape the mental picture. theblaze.com is very clearly some sort of information anus yet some posters seem eager to attach their lips and deliver the product here.
Joined Aug 2010
L11: My Level Goes to 11
7,755 Posts
21 Reputation
#19
"I've been chewed out before."

-Lt. Aldo Raine
Reply Helpful Comment? 0 0
If I appear to be ignoring your posts, it's probably because you are on my ignore list.

Xuéxi zhōngwén
#20
Quote from andyfico View Post :
Exactly. It's best not to get your hopes up with politicians. Look at Obama. People thought he was going to change the world (and Washington). Then he turned out to be just another politician.
For those wondering, she is currently not a co-sponsor of Rand Paul's Audit the Fed 2013 bill [loc.gov].

While she's talked tough against big banks, when it comes to the biggest, she's remarkably timid.
Reply Helpful Comment? 0 0
#21
Quote from Danman114 View Post :
For those wondering, she is currently not a co-sponsor of Rand Paul's Audit the Fed 2013 bill [loc.gov].

While she's talked tough against big banks, when it comes to the biggest, she's remarkably timid.
Disappointing but now exactly surprising.
Reply Helpful Comment? 0 0
#22
Quote from Danman114 View Post :
For those wondering, she is currently not a co-sponsor of Rand Paul's Audit the Fed 2013 bill [loc.gov].

While she's talked tough against big banks, when it comes to the biggest, she's remarkably timid.
That's what I've been wondering. Ron and now Rand have been chasing these crooks for a while. There is a lot more to be done pertaining to these Fed governors than stumping them over the behavior of private banks. Hopefully she will continue down this rabbit hole.
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

Joined Oct 2010
Goat is $1 more
2,329 Posts
261 Reputation
#23
If one goes, they all go. Can you imagine what just Cozine has on all of these of the farkers; Ben, Timmy, Barry, Jamie, etc?

*Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.*

What I find hilarious is that they've managed to spin the Plutocracy and fraud to "Wall Street" as though it's some stock brokers or financial firms that are to blame.
Reply Helpful Comment? 0 0
Joined Aug 2008
Permanently Banned
23,142 Posts
462 Reputation
Quote from barnz008 View Post :
If one goes, they all go. Can you imagine what just Cozine has on all of these of the farkers; Ben, Timmy, Barry, Jamie, etc?

*Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.*

What I find hilarious is that they've managed to spin the Plutocracy and fraud to "Wall Street" as though it's some stock brokers or financial firms that are to blame.
Ever heard of CDOs? They are in bed together.
Reply Helpful Comment? 0 0
Joined Oct 2010
Goat is $1 more
2,329 Posts
261 Reputation
#25
Quote from 124nic8 View Post :
Ever heard of CDOs? They are in bed together.
No doubt. But it's not "Wall Street" that is at the epicenter of the klepotocracy, it's like 5 hours south in DC. And it's not the lack of "regulation," either. It's a fundamental break down in the Rule of Law. TBTF? No, Too Big To Save.
Reply Helpful Comment? 0 0
Joined Aug 2008
Permanently Banned
23,142 Posts
462 Reputation
#26
Quote from barnz008 View Post :
No doubt. But it's not "Wall Street" that is at the epicenter of the klepotocracy, it's like 5 hours south in DC.
I don't know what this ^ means.

Quote :
And it's not the lack of "regulation," either.
Regulation could have prevented naked CDS.

Quote :
It's a fundamental break down in the Rule of Law. TBTF? No, Too Big To Save.
Maybe now, but when the economy was collapsing, that's not the time to destroy all the banks.
Reply Helpful Comment? 0 0
Joined Apr 2005
L7: Weenie
21,123 Posts
466 Reputation
#27
laugh out loud Elizabeth Warren...

http://legalinsurrection.com/2013...magoguery/
Quote :
The issue is whether regulators achieve regulatory goals, not whether there is a show trial. Lost in the hurrahs for Warren was the reasonableness of the regulators' answers (via HuffPo):

"We do not have to bring people to trial," Thomas Curry, head of the Office of the Comptroller of the Currency, assured Warren, declaring that his agency had secured a large number of "consent orders," or settlements.

"I appreciate that you say you don't have to bring them to trial. My question is, when did you bring them to trial?" she responded.

"We have not had to do it as a practical matter to achieve our supervisory goals," Curry offered.
Whistling
Quote :
But again, what would be the purpose of taking to trial an investment bank or brokerage firm as an entity which already consented to relief the government deemed sufficient to achieve the regulatory purpose?

When it comes to criminal charges, there is a reason the government focuses on individuals rather than entities. The mere bringing of criminal charges against an entity often is enough to put the entity out of business. Are our regulators there to strengthen the system, or obtain a headline which ends up damaging the system?

Elizabeth Warren understands all this. Whatever she is, she's no dummy.

But she saw an opportunity to score a cheap demagogic point by asking an irrelevant question to witnesses who did not anticipate the question because the question is of importance only to politicians seeking headlines, not to people truly interested in financial reform and enforcement.
Warren busted out a great red herring talking point and her followers ate it up.
http://www.politico.com/morningmoney/
Quote :
One top exec emailed: "While Senator Warren had every right to ask pointed questions at today's Senate Banking Committee hearing, her claim that 'nobody believes' that bank books are honest is just plain wrong. As Federal Reserve Governor Tarullo explained in response to her question, the low valuations are more likely due to continued economic uncertainty and concerns on the part of investors regarding the impact on banks' profitability due to the hundreds of new regulations, higher levels of required capital, and significant activity restrictions.

"It is for these very important reasons that the financial services industry has urged regulators to get implementation right — that is, to carry out the instructions and intentions of Congress in a manner that produces a safe and sound, competitive and innovative industry. That's what today's hearing was supposed to be about — not some shameless grandstanding. Perhaps someone ought to remind the Senator that the campaign is over and she should act accordingly if she wants to be taken seriously."
Reply Helpful Comment? 0 0
Joined Oct 2010
Goat is $1 more
2,329 Posts
261 Reputation
#28
Quote from 124nic8 View Post :
I don't know what this ^ means.
Meaning it's the morons in DC and the power structure that will not, by any means, prosecute the banks because that would show the emporor has no clothes.

Quote :
Regulation could have prevented naked CDS.
You cannot be serious.

Quote :
Maybe now, but when the economy was collapsing, that's not the time to destroy all the banks.
Right, because the best time to destroy all the banks is when? If you say never, then I think you're onto something because that would me one thing: the government would have to give up power. Ain't gonna happen.
Reply Helpful Comment? 0 0
Joined Aug 2008
Permanently Banned
23,142 Posts
462 Reputation
#29
Quote from barnz008 View Post :
Meaning it's the morons in DC and the power structure that will not, by any means, prosecute the banks because that would show the emporor has no clothes.
You mean cause they don't have evidence beyond a reasonable doubt that laws were broken?

Quote :
You cannot be serious.
You know that is was CFTMA2000 which permitted naked CDS, right?

Otherwise they would have been regulated as the insurance that they were.

Quote :
Right, because the best time to destroy all the banks is when?
Now that the economy is not teetering on the brink.

Quote :
If you say never, then I think you're onto something because that would me one thing: the government would have to give up power. Ain't gonna happen.
No, the government would have to take back power from their paymasters.
Reply Helpful Comment? 0 0
#30
Quote from paperboy05 View Post :
laugh out loud Elizabeth Warren...

http://legalinsurrection.com/2013...magoguery/


Whistling


Warren busted out a great red herring talking point and her followers ate it up.
http://www.politico.com/morningmoney/
Supporters of this high cheek bone woman probably feel quite silly right about now.
Reply Helpful Comment? 0 0
Page 2 of 3
1 2 3
Join the Conversation
Add a Comment
 
Copyright 1999 - 2017. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard