Yesterday, Senator Elizabeth Warren (D-MA) took part in a Senate Banking Committee hearing titled “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections.”
Warren asked the committee — consisting of bank regulators from the federal government — about the “last time you took a Wall Street bank to trial.” Not a single witness was able to bring up anAi??occurrenceAi??of the government actually taking a big bank to trial in recent times. This is how Warren followed up on that shocking response from federal regulators:
WARREN:Anyone else want to tell me about the last time you took a Wall Street bank to trial? [silence] 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 too fail has become too big to jail. That just seems wrong to me. [applause from audience]
Watch it (relevant section at 03:26):
It’s about time we had somebody with the guts to stand up to the “To Big To Fail”.
Guess all the “boy’s” may see there is a new sheriff in town.
Hope she kicks them where they really hurt.
If you were really serious about “Too Big To Fail ” you would be going after the root of the problem ! THE FEDERAL RESERVE AND FIAT CURRENCY !!! Until you do I find it hard to take you seriously !!!
Sic’em!
She is gutsy enough. She doesn’t want to get herself knocked off before she gains any traction.
The government won’t pursue criminal charges against the large finiancial institutions because of the tax deduction consequences. Losses due to criminal activity are deductible by those that incur the loss. This would potentially amount to trillions of dollars in tax write offs by the regular populace if banks were to be found guilty of criminal intent such as rigging the Libor values and it’s impact on the credit card payments or the impact of the CDO ‘s on Mortgages. IRS Regulations: “A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and it must have been done with criminal intent.” it will not happen.
GOP is breaking law. They can’t even get passed the 1st paragraph, “General Welfare”, which is statutory procedure or social effort designed to promote the basic phy. & material well-being of people in need: the protection of rights to education, housing and welfare, and THEY WANT TO TANK OUR COUNTRY, for Corps. & their own financial well-being?! We need an explanation as to why they’re not abiding to their Oath.