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« TIME LAPSE: Job Losses In The Great Recession | Main | James Grant: "I'm Very Bullish On Gold At These Levels" »
Thursday
Apr252013

WATCH: Elizabeth Warren Kicks Bank Regulator's Ass

"You work for the people not the banks!"

Elizabeth Warren vs. Captured Banking Regulators.  Guess who wins.

Outstanding clip from Senate hearing a few weeks ago on illegal foreclosures. Warren blasts the Fed's lawyer for shielding big banks and hiding fraud.

"You have made a decision to protect the banks but not to help the families who were illegally foreclosed on.  Families get pennies on the dollar for being the victims of illegal activities.  And you know of cases where the banks broke the laws, but you are not going to tell the homeowners.  People want to know that their regulators are watching out for the American public, not the banks."

Witnesses were:

  1. Daniel P. Stipano, Deputy Chief Counsel, Comptroller of the Currency
  2. Richard Ashton, Deputy General Counsel, Federal Reserve

Last week, the Government Accountability Office issued a report and concluded that regulators at the Fed and OCC gave banks “too much leeway” in how the reviews were conducted, implying that the shoddy review process led to a hastened settlement.  On Tuesday, regulators released new information suggesting that banks may have made errors in as many as 30 percent of all loans that qualified for a review.

 

 

---

Watch the first 2 minutes of this clip:

Fed lawyer says bank fraud is privileged information.

WARREN: So you have made a decision to protect the banks but not a decision tell the families who have been illegally foreclosed against?

FED LAWYER: We haven’t made a decision about what information we would provide to individuals.

WARREN: So I just want to make sure I get this straight.  Families get pennies on the dollar in the settlement for having been the victims of illegal activities or mistakes in the banks’ activities.  You now know individual cases where the banks violated the law and you’re not going to tell the homeowners.

 

 

WARREN: 'How Many Billions Have To Be Laundered For Drug Lords Before We Consider Shutting Down A Bank?'

 

 

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Reader Comments (22)

Who are these guys and whiich federal agency do they work for? Kind of a bizarre exchange.
Apr 12, 2013 at 10:24 AM | Unregistered CommenterSKINFLINT
Illegal foreclosure and servicing practices have NOTHING to do with "the bank examination process." Information from the "bank examination process" is not usually disclosed publicly because it pertains to bank soundness and is kept secret so as to prevent a bank run. The foreclosure review scheme referenced here had ZERO to do with safety and soundness and everything to do with illegality and fraud. That was the whole point of the foreclosure review.

The craven little pussies are afraid they won't get their payday down the road, so they're willing to sell out the entire NATION. They are traitors, plain and simple, whether they're too thick to realize it or not.
Apr 12, 2013 at 11:12 AM | Unregistered CommenterDr. Pitchfork
Mr. Stepano is from the Comptroller of the Currency which is a public office and he should enlighten us somewhat. Mr. Ashton works for the Fed and has no reason to talk.
Apr 12, 2013 at 12:14 PM | Unregistered CommenterSKINFLINT
... and an otherwise empty chamber?
Apr 12, 2013 at 1:31 PM | Unregistered CommenterJack Lohman
They are too busy servicing the economy so they can get elected the next go round to be there to do their job Jack. Ain't that something.
Apr 12, 2013 at 1:55 PM | Unregistered CommenterSKINFLINT
"You work for the people not the banks!"

Sorry, but SCOLDING financial fraudsters like an elementary school teacher yelling at her wayward students is NOT gonna change these people's behaviour. Only PUNISHMENT will. Preferably punishments that include BEHEADINGS and CHOPPING OFF HANDS.

Anything ELSE is just SPINNING OUR WHEELS.
Apr 12, 2013 at 2:50 PM | Unregistered CommenterRecoveryless Recovery
Elizabeth is one of the few people left in the U.S. government who is not a corporate fascist puppet, the empty chamber indicates the reluctance of compromised legislators to speak out against their elite rulers. It also appears the MSM is a no show.

It's probably to late to save anyone who truly believes this country is a democratically governed nation. They are sure to have severe brain damage due to lack of oxygen from having had their head jammed so far up their ass.
Apr 12, 2013 at 2:55 PM | Unregistered CommenterSagebrush
I would be willing to wager were their fingers smashed by hammer one at a time they would be willing to release said information. Until then they just love banker cock way too much to be helpful.
Apr 12, 2013 at 8:38 PM | Unregistered CommenterAnonymous
"You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street," says a former congressional aide. "That's all it would take. Just once."
Apr 13, 2013 at 1:11 AM | Unregistered CommenterMatt Taibbi
The only people our present regime of bankster loving rulers are going to put in prison will be scapegoats and patsies. If they were charged and prosecuted, Blankfein, Dimon, and the rest of the Wall Street mafia dons probably have enough dirt on the crooked politicians to put them in cells next to their's.
Apr 13, 2013 at 11:16 AM | Unregistered CommenterSagebrush
Guys, we have only one "meaningful" problem in America, campaign bribes and corruption. And Warren agrees with the fix... public funding of campaigns. Until we get politicians off the take, our downward drain will continue. It doesn't matter what your issue.

And here's an idea: Break up the banks so that WHEN/IF they fail the rest of the economy survives, and guys like Dimon and Blankfein can serve their time in jail.

See http://moneyedpoliticians.net/2013/04/15/100-of-americas-problem-is-corruption-at-the-top

Jack Lohman
Apr 17, 2013 at 4:28 AM | Unregistered CommenterJack Lohman
On the very day of the Boston Marathon bombing, "[i]t took 10 seconds in the Senate and 14 seconds in the House" to UNANIMOUSLY pass an amendment to the STOCK Act eliminating insider trading disclosure requirements insofar as they apply to... the Senate and the House.

http://www.moneynews.com/Kleinfeld/Congress-STOCK-Act-insider-trading-vote/2013/04/22/id/500637

President Obama, who's also exempted from disclosure rules, signed the amendment into law.

It's becoming increasingly difficult to get behind ANYONE in Congress purporting to fight against financial corruption when stuff like this happens. My God.
Apr 25, 2013 at 4:03 PM | Registered CommenterCheyenne
Another gruesome list, which quite frankly should frighten our elected leaders. er um SERVANTS. http://realestate.aol.com/blog/2012/11/21/us-cities-most-vacant-homes/#photoID-5449452
Apr 25, 2013 at 4:08 PM | Unregistered CommenterSKINFLINT
People need to show these dirtbags they are backing the wrong horse. They will continue to twist our balls until we remove theirs...
Apr 26, 2013 at 5:27 AM | Unregistered Commenterchiller
The national academy of public administration? WTF?
Apr 26, 2013 at 6:23 AM | Unregistered CommenterSKINFLINT
The problem with self-righteous criminals is that you actually have to open up a serious 6-pack of whup-ass on them and make it stick for them to think that they have indeed been taken to the woodshed. You cannot embarrass an untrained dog. They have to be convinced. Words don't cut through the bad habits. Freedom must be conditionally removed and compensation demanded and satisfied. If you cut off a child's thumb because he sucks on the thing, excessive cruelty is demonstrated. These punks like the federal investigator should be convicted of aiding and abetting after the fact and do hard labor. The talented and educated Elizabeth Warren should have nut roasting privileges on this smart-ass regulator dude. The democrat party housewives and mewling pansy-asses, freemasons and S&B freaks worked with their counterparts at the GOP to do the installation of a government who has as their main patron the leader of a hostile invading foreign entity. Not merely criminal. TREASONOUS and loyal to a foreign power. God damn the CFRtv and the Rothschild's Associated Press. Goddamn the British royal family and The City of London, the T-rex in the living room. Spielberg merely ran the British empire backwards as a plot line. Put the fuckers on an island in The Outer Hebrides with 4 months of water and bread and a crate of moldy seeds. Encircle the island with surplus warships with dated but usable ammunition to repel all visitors.The swine have earned it.
Apr 30, 2013 at 12:04 AM | Unregistered CommenterHoward T. Lewis III
Elizabeth Warren pushes against derivatives bailout

http://money.cnn.com/2014/12/10/news/economy/elizabeth-warren/
Dec 11, 2014 at 7:41 PM | Unregistered Commenterjohn

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