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She pressed one of the regulators on his opinion relative to money laundering, he kept hedging stating "we leave that up to the justice department" as if he had no opinion, seems he was afraid to criticize the banks. Great question as to why no one is responsible, no criminal indictments at any banks, just fines.
Quote:
Warren, who championed the creation of the new Consumer Financial Protection Board after the mortgage-led financial meltdown five years ago, is beginning to use her Senate Banking Committee perch to push regulators for tougher actions against errant banks.
Warren questioned senior Treasury Department officials Thursday about why there was no criminal prosecution for alleged money laundering by British bank HSBC and no effort to shut it down. HSBC agreed last December to pay a forfeiture and penalties totaling $1.9 billion to settle charges it helped Mexican drug traffickers, Iran and Libya move money around the world.
"What does it take, how many billions of dollars do you have to launder from drug lords and how many economic sanctions do you have to violate before someone will consider shutting down a financial institution?" Warren asked at a Banking Committee hearing on money laundering.
There have been multiple threads on this topic but, yes, both parties have let the banks capture their regulators and no head of the regulatory agencies want to challenge the giant banks because no sooner are they done with their term in office then the banks give them a cushy consulting job, but, only if they've been good little boys who do as the banks tell them. It's a classic case of corruption which both parties have been guilty of for decades.
There have been multiple threads on this topic but, yes, both parties have let the banks capture their regulators and no head of the regulatory agencies want to challenge the giant banks because no sooner are they done with their term in office then the banks give them a cushy consulting job, but, only if they've been good little boys who do as the banks tell them. It's a classic case of corruption which both parties have been guilty of for decades.
She was questioning the regulators, I don'trecall any prior senators asking that bascially question, why no criminal charges against bank execxutives, they were either ignorant or complicit
That's great but why isn't she pressuring Holder and Obama to go after the bankers?
If they really cared, they wouldnt even need pressure. But let's all remember, it wasnt just banks that were at fault. If we are going to go after them, why not the politicians?
The fact of the matter is there are some that dont want to know the truth or facts about why we got into the mess in the first place. Its easy enough for some to just say "its Bush's fault" and be done with it. If you actually dive deeper and look at it all, plenty people on the left would fall and seen as the culprits as well. That is exactly why there has been no push be the media or others to find out the real cause.
That's great but why isn't she pressuring Holder and Obama to go after the bankers?
A freshman senator isn't going to pressure anyone without some support from others, the state attorney's have been the only ones going after the banks, mostly fines not no convictions.
"If you're caught with an ounce of cocaine, the chances are good you'll go to jail," Warren said at Thursday's hearing. "If you're caught repeatedly, you can go to jail for life. Evidently, if you launder nearly $1 billion for drug cartels and violate our government's sanctions, your company pays a fine and you go home and sleep in your own bed at night. I think that's fundamentally wrong."
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