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Related: About this forumElizabeth Warren takes on the regulators
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During the hearing, Warren pressed officials from the Office of the Comptroller of the Currency and The Federal Reserve for answers about how frequently banks broke the law, only to discover that regulators didnt know the exact number before reaching their settlement and were now unwilling to publicize the error rate. Youre saying that the [you] did not have an estimate in mind of how many banks had broken the law and how many home owners were the victims of illegal activities? Warren asked in disbelief. She pressed for public disclosure, but was told that the information about banks illegal activities is proprietary and may not ever be released:
WARREN: So you have made a decision to protect the banks but not a decision tell the families who have been illegally foreclosed against?
RICHARD ASHTON (FEDERAL RESERVE): We havent 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 youre not going to tell the homeowners or at least its not clear if youre going to do that?
http://thinkprogress.org/economy/2013/04/11/1855561/elizabeth-warren-tears-into-federal-regulators-for-shielding-big-banks/
Autumn
(44,743 posts)rec
Magleetis
(1,260 posts)Plain and simple.
Arctic Dave
(13,812 posts)More spine in her then 90% percent of the democrats combined.
02potato
(175 posts)formidable woman
Iwillnevergiveup
(9,298 posts)This needs all the daylight shining in on it as possible. Looks like the banks have absolutely no intention of doing the right thing for illegally foreclosed on homeowners.
Those guys were just pathetic!
cantbeserious
(13,039 posts)eom
Volaris
(10,260 posts)so much of this kind of thing should be happening on Capitol Hill on a daily basis that it simply won't fit in the Newspapers.
This is what EVERY Oversight testimony hearing should look like, could you magine if it actually did?
CIA
Oil and Energy (tell Exxon executives "youre UNDER OATH, or you're going to jail"
Health and Human Services and Education (put Rhee up there, and let that bitch twist a while)
Treasury/Fed (lets start with "HOW much money does SocSec contribute to the National Debt, Mr. Secretary?)
Pentagon...yeah that might have to have its own day...
Every elected Dem should take note. THIS is what Useful Government looks like. Otherwise, I can just vote for the Republican, and get what I have now.
creativebliss
(69 posts)This certainly did not get the press it deserves! And, imagine if it did...along with the other corrupted culprits you mentioned...
another_liberal
(8,821 posts)I'll bet the bankers have tried everything from beating-up her paper boy to threatening her dog's life to frighten Warren. They would most likely poison her food if they thought it would be possible to do without getting caught. She must really scare the hell out of them.
Plucketeer
(12,882 posts)This PLAIN language - cut the bullshit - quest for the elusive straight answer. And to think....... These slicksters under interrogation........ WORK FOR US!
Douglas Carpenter
(20,226 posts)The Wizard
(12,482 posts)indict, incarcerate, seize assets.
geefloyd46
(1,939 posts)midnight
(26,624 posts)better informed...
Left Coast2020
(2,397 posts)This topic was from segment last Tuesday on Chris Hayes' show. Today (friday), this hearing, along with Senator Sherod Brown grilled these goons. I posted in another thread that someone should notify her about this. She knows now.
Mass. You are so fortunate to have a consumer fighter in your corner. I was watching for or looking for part of when do these bastards go to jail for illegally foreclosing on someones home and destroying a family. That part never came up. How discusting.
midnight
(26,624 posts)I see why they don't want us to have the information to help us survive this fraud....
WhoIsNumberNone
(7,875 posts)I am so glad she's a senator and won't have to start worrying about being re-elected for at least another four years. In the meantime, I'd like to authorize a fund to keep her supplied with six inch stiletto heels for when she's got her foot up their ass.