Senator Elizabeth Warren EMBARRASSES Bank Regulators At First Hearing!

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Sen. Elizabeth Warren's (D-Mass.) meeting with bank regulators Thursday left bankers reeling, after she questioned why regulators had not prosecuted a bank since the financial crisis.

At one point, Warren asked why the book value of big banks was lower, when most corporations trade above book value, saying there could be only two reasons for it.

"One would be because nobody believes that the banks' books are honest," she said. "Second, would be that nobody believes that the banks are really manageable. That is, if they are too complex either for their own institutions to manage them or for the regulators to manage them."

That set off angry responses to Politico's Morning Money. "While Senator Warren had every right to ask pointed questions at today's Senate Banking Committee hearing, her claim that 'nobody believes' that bank books are honest is just plain wrong," a "top executive" emailed the financial newsletter. "Perhaps someone ought to remind the Senator that the campaign is over and she should act accordingly if she wants to be taken seriously."

The anonymous emailer said Warren was being as "extreme" as fellow freshman Sen. Ted Cruz (R-Texas), who asserted Tuesday without evidence that secretary of defense nominee Chuck Hagel may have received money from "extreme or radical" groups.

In another email, a GOP bank lobbyist said, "Republicans also would like to know why the Democratic donor base has avoided trial. Maybe she should subpoena the DSCC and Obama's super PAC to answer her question."

Consumer Bankers Association CEO Richard Hunt was slightly more diplomatic. "We have been through more tests and thorough exams than any college student over the past four years, including many conducted by the CFPB. The results of the Hamilton Partners Financial Index and the testimony of OCC Comptroller [Thomas] Curry were very clear: the United States banking system is safe and sound, supported by historic and permanent capital ratios. We are working every day to fulfill the financial needs of the American consumer and small business and will continue to work with any and all lawmakers who seek to assist in this extremely important process."

Bankers and other members of the finance community have opposed Warren as she rose from being a Harvard University law school professor to a Massachusetts senator. They opposed her permanent nomination to head the Consumer Financial Protection Bureau, which she created. After Senate Republicans said that they would filibuster her nomination, she ran for Senate in Massachusetts. Wall Street donated heavily to her opponent, former Sen. Scott Brown (R-Mass.), but she won the seat. Warren became a member of the Senate Banking Committee, despite further heavy opposition from banking lobbyists.

During the hearing, Warren asked why ordinary people often faced prosecution while banks do not.

"You know, I just want to note on this. There are district attorneys and U.S. attorneys who are out there every day squeezing ordinary citizens on sometimes very thin grounds. And taking them to trial in order to make an example, as they put it. I'm really concerned that too big to fail has become too big for trial," she said. "That just seems wrong to me."

CORRECTION: A previous version of this story referred to Consumer Bankers Association CEO Richard Hunt by the wrong title. We regret the error.

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[sylvia morningstar]

"All it takes for evil to triumph is for good men to do nothing" ... we are complacent in our ignorance...

[women4truth]

indeed

[MEMmaker3]

Crooks protect crooks ... that includes "too big to fail" banks. They all need to be dumped hard on the behinds and all their assets confiscated and returned to the American people. It's refreshing that this lady in red - can ask the tough questions. Of course the bankers continue to play ring around the Rossie with their answers.

[Neils Dahlberg]

Its gonna take much more than embarassment or insults--its gonna take hard prosecution and fines levied for anti-american uses of taxpayer money...

[gindaburra]

Take the Monopoly Rule:

Go to jail, go directly to jail. Do not pass go. Do not collect $200. Do not pass on your fines to your customers. Do not use a Get Out Of Jail Free card.

So simple even a child can understand it, but I guess that's the problem.

[Brenda Achey]

Took that shit head long enough to finally answer her question, which was obviously no. Then the next answer is even worse, she is saying that they would rather get money from them, than take them to trial to hold them accountable for the money they have stolen from us, the tax payer.

[N A Swain]

Hey and how do they pay their fines... by putting our charges and fees up. EVERY Banks' a WINNER!

[Patrick L. Cavanaugh Sr.]

American Government...we have NO FAITH in you! You sleep with liars and thieves !

Citizen John Doe you are easy to jail, but wall street banks are to big to JAIL?

And people wonder why so many American's are pissed as hell at our government?

[kathy160]

wow. so facts are oil companies accrue billions non stop and pollute our waters and land for profit. you believe republicans are correct we should give them more tax breaks and less regulations? you are truly a brainwashed corporate puppet.

[kathy160]

what are typing about? like i said before notice the facts of whats going on in congress and dems and repubes. elizabeth warren is with facts and attacking these vulture capitalists, while republicans obey their orders and try to persuade you ( the naive) to give them tax breaks.

[kathy160]

like i have said corporations own some of our politicians but at least the difference is the religious right own the republicans and the oil companies and other elites own our republican tax ideas. there is less to weed out in the democratic party than the republican party. the new supposed libertarian tea gaggers are nothing but republican billionaire corporations trying to get less taxes and slander our president. sanders and other rational ideas is all i respect. repubes are bs right now

[kathy160]

out of 2 evils , i prefer the party that is opposing to start a war for the isreal. money does rule congressmen votes but if you research if you want to find a honest politician they will either be democrat like elizabeth warren or a libertarian. republicans have been proven to be bs, except for the moderate rational republicans that barely exist anymore.

[stmartin1978]

How can Congress be united on Defense spending when you stated, very clearly, they're only united on one thing, Israel. That doesn't make sense, if they're only united on Israel they can't be united on Defense spending.

I'm sorry but that's not an intelligent statement.