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Elizabeth Warren Fillets Regulators: “Too Big to Fail” Becomes “Too Big for Trial” [Video]

“They violated every goddamn law in the book,” says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act. “They took every imaginable form of illegal and illicit business.” – Gangster Bankers Too Big to Jail, by Matt Taibbi

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SENATOR WARREN delivered the promise of her candidacy on Thursday by challenging regulators and stripping their moral bankruptcy to the bone.

“If they 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 much incentive following the law,” Warren said. “It’s also the case that every time there’s a settlement and not a trial, we don’t have those days and days and days of testimony about what those financial institutions were up to.” …

[...] “There are district attorneys and U.S. attorneys who are out there every day squeezing ordinary citizens on sometimes very thin grounds and taking them to trial in order to make an example, as they put it,” Warren said. “I’ve very concerned that ‘too big to fail’ has become ‘too big for trial’ and that just seems wrong to me.”

[MassLive]

Applause broke out in the hearing room.

Warren and Democrats continue to also push back against Republicans who continue their efforts to block the appointment of Robert Cordray to the Consumer Financial Protection Bureau, with 43 GOPers signing a pact to filibuster his appointment.

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7 Responses to Elizabeth Warren Fillets Regulators: “Too Big to Fail” Becomes “Too Big for Trial” [Video]

  1. fangio February 15, 2013 at 12:38 pm #

    Thank you, Thank you, Thank you!

  2. newdealdem1 February 15, 2013 at 12:59 pm #

    Great to see Warren on that committee and the fight back against the gross abuse of the filibuster by the GOPpers. We need the Consumer Financial Protection Bureau (CFPB) not watered down either as the Dodd-Frank bill was watered down, although it’s better being there than not, it just has to be utilized by the Regulators of Banks and seemingly that’s not what’s being done now.

    So, we desperately need the CFPB to work as it was meant to work to protect consumers to police the abusive practices that harmed millions of Americans during the financial crisis that almost crippled world economies. Cordray’s reappointment should not continued to be subject to the destructive, anti-consumer machinations of the GOP.

    Also, the CFPB needs to remain independent as Elizabeth Warren envisioned it and not taken over by a committee or funded by the congressional appropriations process which is what teh GOP want so that they can try to control it, water it down and eventually turn it into dust.

    With Warren leading this charge and with the continued strong support from the Senate Dems to fight back against these elephantine locusts, I’m cautiously hopeful Cordray will be reappointed and that the CFPB will not be suffocated before it has a chance to fulfill it’s mission.

  3. DaGoat February 15, 2013 at 2:44 pm #

    Agree with Warren’s comments 100%. Hopefully next we’ll see action and not just words.

    Ironic that she is asking for trials and not just settlements, then later in the article Democrats laud the big settlement the Consumer Financial Protection Bureau got from AmEx.

  4. angels81 February 15, 2013 at 4:08 pm #

    Great to see how a real Jr. senator acts compared to the clown Cruz.

    • Taylor Marsh February 15, 2013 at 4:13 pm #

      Oh, what a comparison!

    • secularhumanizinevoluter February 15, 2013 at 4:30 pm #

      How about the next coming Rubio? Did she sweat or need a drink?

  5. guyski February 16, 2013 at 6:44 am #

    Well, good for her. But, she only stated the obvious. The average American figured that out years ago.

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