Elizabeth Warren Tears Into Federal Regulators For Shielding Big Banks

[ChezC3]

Elizabeth Warren Tears Into Federal Regulators For Shielding Big Banks | ThinkProgress

Sen. Elizabeth Warren (D-MA) embarrassed government regulators during a Senate Banking Committee hearing on Thursday morning as she demanded to know why they won’t reveal how frequently big banks illegally foreclosed on homeowners. In January, regulators abandoned a case-by-case review of foreclosure fraud conducted by some of the nation’s largest banks in favor of a $9.3 billion settlement. Under the deal, most of the 4.4 million homeowners who were foreclosed on in 2009 or 2010 received less than $1,000 each.

Watching the video I would have thought that the gentlemen answering the questions were CEO's of the banks under scrutiny. To see that these are government regulators, you know, the guys our tax dollars are paying to regulate the banking system to prevent things like this from happening, and then outing and aiding in the prosecution of those institutions found in violation? If anyone doubts that we've become a facist state, I, I,.....I really don't know what I can tell ya.

Why isn't this on the front page of the Washpost? NYT? (I know why it's not on the WSJ)

What kind of oversight and regulation can we put on our regulators?

 

[Thoreau72]

I love Elizabeth Warren! We need many more like her in Congress.

The regulators in the financial industry, and in the oil and gas industry are in bed with those they are regulating. As we learned during the Deepwater Horizon affair, the regulators and those they were regulating were snorting cocaine and partying together.

In the Madoff case, one fellow advised the SEC many many times about the failures of Madoff to comply and likely fraud occuring. The regulators did nothing.

I'm hoping Warren makes a difference, because the status quo is pathetic.

 

[ttwtt78640]

She has a good point. The executive is very selectively enforcing the laws passed by our congress critters. This is, by no means, limitted to banking laws, as they also willingly ignore gun and immigration law enforcement as well as permit much other crony capitalism to go unchecked.