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Forum Post: Elizabeth Warren to Obama Administration: Take the Banks to Court, Already!

Posted 11 months ago on May 17, 2013, 11:35 a.m. EST by GirlFriday (21783)
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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.

Yep

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3 Comments


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[-] 3 points by DKAtoday (33128) from Coon Rapids, MN 11 months ago

"If you're caught with an ounce of cocaine, you're going to go to jail," Warren said. "But if you launder nearly $1 billion for international cartels…you go home."

And people wonder(?) why we have a culture of white collar crime.

[-] 3 points by ZenDog (20423) from South Burlington, VT 11 months ago

Yes. Duu.

It may well be that the banking industry has a method of holding the entire economy hostage - I say even if they do that is no excuse. That is simply reason enough to get even tougher.

If OWS had engaged in some of the suggested protests a year and a half ago outside the perps houses, I think we could have created an opening in this stalemate -

for after all - would you rather face mob rule? Or criminal prosecution at the hands of the state?

In any case - I ran across this yesterday . . .

H.R.129 - Return to Prudent Banking Act of 2013

[-] 1 points by DKAtoday (33128) from Coon Rapids, MN 11 months ago

Makes 4 a good Tweet - spread the news - the corp(se)otocRATcy won't - they will just put out distractions and spin.

DKAtoday ‏@DKAtoday

Elizabeth Warren to Obama Administration: Take the Banks to Court, Already! http://www.motherjones.com/mojo/2013/05/elizabeth-warren-obama-put-bad-banks-trial … via @motherjones

Do what NEEDS DOING

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