Shame on Elizabeth Warren

[Luddly Neddite]

Elizabeth Warren's Aggressive Questioning Prompts Anger From Wall Street

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

At one point, Warren asked why big banks' book value 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. 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," she said.

POLITICO Morning Money - POLITICO.com

SHE’S BACK! WARREN TERRIFIES BANKERS IN FIRST HEARING — Sen. Elizabeth Warren (D-Mass.) generated serious fireworks in her first big Senate Banking Committee hearing, asking tough questions of regulators, repeatedly peppering them to identify the last time they brought a big Wall Street institution to trial rather than settling. There were no real answers. She also earned significant ire from bankers with her line that one reason big banks mostly trade below book value may be that “nobody believes” their books are honest. Most of the complaints came on background or off the record given that these bankers have to deal with Warren in the Senate for at least six years and perhaps much longer and are (apparently quite justifiably) freaked out at the prospect.

 

[Political Junky]

You go, Senator Warren.

 

[OODA_Loop]

What is the most egregious law broken by banks creating the economic event in 2008-2009 ?

 

[jasonnfree]

This is what we needed the last four years instead of the Obamas and Harry Reids. Send republicans back to the sewers they crawled out of.

 

[candycorn]

This is what we needed the last four years instead of the Obamas and Harry Reids. Send republicans back to the sewers they crawled out of.

What was too big to fail when Obama took office is still too big to fail today. Historians will look back on this as his most glaring failure.

 

[Wolfsister77]

I thought she did a great job, it's about time somebody stood up to them. Good for her.

 

[Lakhota]

Thank you, Senator Warren!

 

[Lakhota]

Home loans didn't bring on the recession; gimmicky financial instruments bloated to 100 times their value are what caused all this pain.

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong

 

[S.J.]

Elizabeth Warren, isn't she the broken down old hag that claimed she was an Indian?

 

[Dutch]

Good for her. It's a shame someone with a pound of weed will go down for years in jail but someone who cratered the economy walks.

 

[ABikerSailor]

I hope that she serves her term well.

I also hope that she brings Wall St. to a reasonable state.

 

[Dubya]

Elizabeth Warren's Aggressive Questioning Prompts Anger From Wall Street

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

At one point, Warren asked why big banks' book value 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. 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," she said.

POLITICO Morning Money - POLITICO.com

SHE’S BACK! WARREN TERRIFIES BANKERS IN FIRST HEARING — Sen. Elizabeth Warren (D-Mass.) generated serious fireworks in her first big Senate Banking Committee hearing, asking tough questions of regulators, repeatedly peppering them to identify the last time they brought a big Wall Street institution to trial rather than settling. There were no real answers. She also earned significant ire from bankers with her line that one reason big banks mostly trade below book value may be that “nobody believes” their books are honest. Most of the complaints came on background or off the record given that these bankers have to deal with Warren in the Senate for at least six years and perhaps much longer and are (apparently quite justifiably) freaked out at the prospect.

Elizabeth Warren is my best choice for President of the United States, when it comes to just women. I think she has a heart and that's what counts.

 

[S.J.]

Elizabeth Warren's Aggressive Questioning Prompts Anger From Wall Street

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

At one point, Warren asked why big banks' book value 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. 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," she said.

POLITICO Morning Money - POLITICO.com

SHE’S BACK! WARREN TERRIFIES BANKERS IN FIRST HEARING — Sen. Elizabeth Warren (D-Mass.) generated serious fireworks in her first big Senate Banking Committee hearing, asking tough questions of regulators, repeatedly peppering them to identify the last time they brought a big Wall Street institution to trial rather than settling. There were no real answers. She also earned significant ire from bankers with her line that one reason big banks mostly trade below book value may be that “nobody believes” their books are honest. Most of the complaints came on background or off the record given that these bankers have to deal with Warren in the Senate for at least six years and perhaps much longer and are (apparently quite justifiably) freaked out at the prospect.

Elizabeth Warren is my best choice for President of the United States, when it comes to just women. I think she has a heart and that's what counts.

That figures. You must be an Indian too, huh? LOL!!!

 

[rdean]

I was watching it. Fantastic. Imagine, asking the people who are supposed to protect us from unscrupulous bankers how many have gone to "trial" and they couldn't name a single one.

Republicans must be "livid". How dare the Democrats for holding banks "accountable".

 

[jgarden]

Don't look to the American electorate for any sympathy for the banks - they drove the economy into the ground so that they could collect their bonuses while leaving the "little guy" to pick up the pieces!

 

[Quantum Windbag]

Elizabeth Warren's Aggressive Questioning Prompts Anger From Wall Street

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

At one point, Warren asked why big banks' book value 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. 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," she said.

POLITICO Morning Money - POLITICO.com

SHE’S BACK! WARREN TERRIFIES BANKERS IN FIRST HEARING — Sen. Elizabeth Warren (D-Mass.) generated serious fireworks in her first big Senate Banking Committee hearing, asking tough questions of regulators, repeatedly peppering them to identify the last time they brought a big Wall Street institution to trial rather than settling. There were no real answers. She also earned significant ire from bankers with her line that one reason big banks mostly trade below book value may be that “nobody believes” their books are honest. Most of the complaints came on background or off the record given that these bankers have to deal with Warren in the Senate for at least six years and perhaps much longer and are (apparently quite justifiably) freaked out at the prospect.

She repeated one question.

A lot.

My guess is it is all she could remember.

 

[auditor0007]

I hope that she serves her term well.

I also hope that she brings Wall St. to a reasonable state.

I like your wording on that. We don't hate Wall Street or banks. We just want them to play by reasonable rules and still be profitable.

 

[g5000]

What is the most egregious law broken by banks creating the economic event in 2008-2009 ?

A few samples:

Fabrice Torre of Goldman Sachs and hedge fund manager Jon Paulson created Abacus 2007-ac1 which ripped off investors (you) for hundreds of millions of dollars. They got off with a fine. No jail.

Daniel Sparks and Tom Montag of Goldman Sachs constructed the fraudulent Timberwold mortgage security and sold it to investors (you), then profited by betting against it. They deliberately stuffed the security with mortgages they knew were toxic so they could bet on its failure. They got off with a fine. No jail.

Brian Stoker of Citigroup constructed the fraudulent Class V Funding III CDO-squared which ripped off investors (you) for over $700 million.

Stoker is the only one in this group who was actually tried in court. The jury let him go because they felt the CEO of Citigroup should have been the one sent to prison since Stoker was just doing what the corporate culture taught him to do.

Angelo Mozilo, CEO of Countrywide, was telling his investors that Countrywide was "consistently producing quality mortgages" while his internal memos show he was well aware his company was creating the most toxic mortgages on the planet. He got off with a fine. No jail.

Richard Harrington of Bear Stearns, along with 13 executives and brokers, defrauded investors of $75 million through stock manipulation.

Roland Arnall: Ameriquest. Inventor of the “stated asset” (NINJA) loan. Paid a $325 million settlement with 49 state AGs in early 2006 for misrepresenting and failing to disclose loan terms, charging excessive loan origination fees and inflating appraisals to qualify borrowers for loans.

Immediately after this, in March 2006, Bush installed him as US ambassador to the Netherlands!

How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis | John Mauldin | Safehaven.com

Roland Arnall - Wikipedia, the free encyclopedia


Read this: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis | John Mauldin | Safehaven.com

 

[g5000]

Every one of the fuckers in my last post should be swinging from the end of a rope. They are thieves with police protection and its past time for some street justice. They need to be lynched since the government won't put them in prison where they belong.

As for Elizabeth Warren, she hates rich people. She gave a "you didn't build that" speech identical to Obama's.

A person who hates our capitalist system should not be guarding it.

 

[Sarah G]

Elizabeth Warren's Aggressive Questioning Prompts Anger From Wall Street

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

At one point, Warren asked why big banks' book value 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. 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," she said.

POLITICO Morning Money - POLITICO.com

SHE’S BACK! WARREN TERRIFIES BANKERS IN FIRST HEARING — Sen. Elizabeth Warren (D-Mass.) generated serious fireworks in her first big Senate Banking Committee hearing, asking tough questions of regulators, repeatedly peppering them to identify the last time they brought a big Wall Street institution to trial rather than settling. There were no real answers. She also earned significant ire from bankers with her line that one reason big banks mostly trade below book value may be that “nobody believes” their books are honest. Most of the complaints came on background or off the record given that these bankers have to deal with Warren in the Senate for at least six years and perhaps much longer and are (apparently quite justifiably) freaked out at the prospect.

I love her.