Elizabeth Warren Scolds President Obama for Being Weak on Wall Street
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The Massachusetts senator, who was instrumental in the creation of the Consumer Financial Protection Bureau, referenced her recently released report, “Rigged Justice 2016,” examining 20 of the worst federal enforcement failures of last year. It’s conclusion? “Corporate criminals routinely escape meaningful prosecution for their misconduct.”
Warren noted that in case after case, when federal agencies caught Wall Street and its execs with their hands in the cookie jar—“defrauding taxpayers, covering up deadly safety problems, even precipitating the financial collapse in 2008”—they escaped with “barely a slap on the wrist.”
She writes, “The failure to adequately punish big corporations or their executives when they break the law undermines the foundations of this great country. Justice cannot mean a prison sentence for a teenager who steals a car, but nothing more than a sideways glance at a CEO who quietly engineers the theft of billions of dollars.”
And though she never mentioned President Obama by name, she did call out several corporations including Education Management Corp, a for-profit college; pharmaceutical company Novartis; big bank JPMorgan Chase; and Massey Energy saying they got light punishment for significant misdeeds.
More: The Root
