Elizabeth Warren to Obama Administration: Take the Banks to Court, Already!
On Tuesday, fierce consumer advocate and needler of banks Sen. Elizabeth Warren (D-Mass.) called out Wall Street regulators for their habit of giving tepid punishments to misbehaving banks, and asked the agencies to justify their policy of settling with the wrongdoers out of court.
Warren sent a letter to the Justice Department, as well as to the Securities and Exchange Commission and the Federal Reserve, asking them for evidence on how a settlement that doesn't require a bank to admit guilt would be better policy than taking the bad apple to trial. If regulators at least show that they are willing to play tough, she argued, it will help deter bad behavior and allow regulators to negotiate bigger fines in the event of a later settlement.
Keep reading: Elizabeth Warren to Obama Administration: Take the Banks to Court, Already! | Mother Jones.
Here's why nothing is going to happen: Bush Was a Horrible Crony Nepotist, Who Favored the Super-Elite at The Expense of the Little Guy … Obama’s Worse.
Pic credit: Ron Sachs/DPA/ZUMAPress
