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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 18 May 2012 [View all]Demeter
(85,373 posts)57. Elizabeth Warren Expresses No Confidence in Current Bank Accountability Measures
http://news.firedoglake.com/2012/05/17/elizabeth-warren-expresses-no-confidence-in-current-bank-accountability-measures/
This has been the week where we got a taste of how Elizabeth Warren would comport herself as a US Senator. Since JPMorgan Chases Fail Whale trade, which has reportedly already grown to a $3 billion loss, nobody in the political arena has been more vocal or more knowledgeable about the trade and what it means for reforming the financial system than Warren.
She has criticized big banks for their lobbying efforts to weaken Wall Street reform, but she has also gone beyond that. She has explained why a bad trade like this isnt just the normal course of business, as Mitt Romney suggested yesterday, but a scary reminder of the significant risks being taken by banks with federally insured deposits, access to cheap credit and an implicit subsidy from being too big to fail. She advocated for a reinstitution of the Glass-Steagall Act, to explicitly separate commercial and investment banking activity. She demanded that JPMorgan Chase CEO Jamie Dimon step down from the board of the New York Federal Reserve Bank. And she has taken the lead among a growing number of Democratic candidates, reinvigorating a debate about financial reform and accountability for Wall Street. One thing we know; Warren knows how to use the bully pulpit, especially on an issue where she has credibility.
Im going to post a transcript, edited somewhat for clarity, of an interview I did with Professor Warren yesterday afternoon. But I want to highlight the very last thing we talked about. After Warren discussed how, without meaningful civil and criminal investigations of the financial sector, it will not be possible to clean out the system and rebuild it, I asked her if she was confident that the current set of investigations, in particular the task force co-chaired by Eric Schneiderman, looking into criminal actions in the securitization process, would yield this level of accountability. She had a simple answer:
I am not confident. No. And thats the answer to your question. The American people are pushing for more accountability. They need to keep on pushing until it happens.
VIDEO AND MORE AT LINK
This has been the week where we got a taste of how Elizabeth Warren would comport herself as a US Senator. Since JPMorgan Chases Fail Whale trade, which has reportedly already grown to a $3 billion loss, nobody in the political arena has been more vocal or more knowledgeable about the trade and what it means for reforming the financial system than Warren.
She has criticized big banks for their lobbying efforts to weaken Wall Street reform, but she has also gone beyond that. She has explained why a bad trade like this isnt just the normal course of business, as Mitt Romney suggested yesterday, but a scary reminder of the significant risks being taken by banks with federally insured deposits, access to cheap credit and an implicit subsidy from being too big to fail. She advocated for a reinstitution of the Glass-Steagall Act, to explicitly separate commercial and investment banking activity. She demanded that JPMorgan Chase CEO Jamie Dimon step down from the board of the New York Federal Reserve Bank. And she has taken the lead among a growing number of Democratic candidates, reinvigorating a debate about financial reform and accountability for Wall Street. One thing we know; Warren knows how to use the bully pulpit, especially on an issue where she has credibility.
Im going to post a transcript, edited somewhat for clarity, of an interview I did with Professor Warren yesterday afternoon. But I want to highlight the very last thing we talked about. After Warren discussed how, without meaningful civil and criminal investigations of the financial sector, it will not be possible to clean out the system and rebuild it, I asked her if she was confident that the current set of investigations, in particular the task force co-chaired by Eric Schneiderman, looking into criminal actions in the securitization process, would yield this level of accountability. She had a simple answer:
I am not confident. No. And thats the answer to your question. The American people are pushing for more accountability. They need to keep on pushing until it happens.
VIDEO AND MORE AT LINK
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And, should Romney win in November, anyone think Mr Oompa Loompa will hold him to the same standard?
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interesting and even more interesting cameron said they couldn't back off of it.
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It's fallen below $40...back to initial IPO of $38. and NASDAQ can't even execute buy/sell orders!!
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bunch of last-minute buying. S&P was -1.00% 2 min. ago. Now it's only -0.74%.
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