Thursday, February 21, 2013

Sen. Elizabeth Warren to Federal Bank Regulators: "Too Big to Fail has become Too Big for Trial?"


Senator Elizabeth Warren asks federal bank regulators why no banks were taken to trial in the aftermath of the financial crisis.

This video is powerful and could be an effective tool for waking up more uninformed Americans to what we face economically. It’s an absolute joke that the people being questioned by Senator Elizabeth Warren are tasked with holding the banks accountable for their high crimes of economic tyranny. Furthermore, those little placards in front of them that declare each respective designate “honorable” is a shameful irony. These people have no honor.

The joke’s on us.

Sen. Elizabeth Warren also makes the key point how ordinary citizens are constantly harassed by the “authorities” for what are in many cases petty and victimless crimes, while the bankers who have unleashed more widespread destruction than anyone else, get slapped on the wrist.

"I'm really concerned that too big to fail has become too big for trial," she told the heads of the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Commission and top officials from other agencies.

"Now, I know there have been some landmark settlements," Warren said. "But we face some very special issues with big financial institutions. 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 to follow the law.

"So the question I really want to ask is about how tough you are," she continued. "About how much leverage you really have in these settlements. And what I'd like to know is, tell me a little bit about the last few times you've taken the biggest financial institutions on Wall Street all the way to a trial."

The question drew some applause from the audience in the hearing room. And the seven regulators did not seem eager to answer.

"Anyone else want to tell me about the last time you took a Wall Street bank to trial?" Warren said.

When none of them initially volunteered, Warren asked, "Anybody?"


Every single American should watch this short clip:

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