“Too big to fail has become too big for trial”

ElizWarrenBankCteUpdate: Elizabeth Warren’s in town; she’s bucking Wall Street and the SEC; and people are talking/blogging/writing. See links at the end of this article.

Update: Matt Taibbi latest article for Rolling Stone is “Gangster Bankers: Too Big To Jail” Coincidence?

Massachusetts’ newest senator Elizabeth Warren put the members of the Senate Banking Committee on the spot. She asked the bank regulators why none of the banks — who, after all, caused the most severe recession in 80 years — not one of them — has been prosecuted for the crimes they have committed.

The response? Again and again, evasion and obfuscation.

After several hours of asking different senators the same question, “Can you identify when you last took a Wall Street bank to trial?” without receiving a direct answer, 

Warren patiently kept her cool. In response to the excuse that prosecuting the banks would be non-productive, Warren noted that “district attorneys are out there every day squeezing ordinary citizens on sometimes very thin grounds.”

In the meantime, banks like Goldman Sachs that profited by selling instruments they created and knew were junk (fraud) and then profited again by betting against their clients’ toxic assets — those Wall Street banks haven’t been called into court and in fact are prospering more than ever.

They are not only “too big to fail,” said Warren. They are also “too big for trial.” And she voiced the obvious: “That just seems wrong to me.”

Watch:

Hat tip: upworthy.com via Lizz Winstead

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5 Comments

Filed under economy, People, Politics, Women

5 responses to ““Too big to fail has become too big for trial”

  1. Pingback: Too Big to Fail has become Too Big for Trial? « News World Wide

  2. Pingback: Elizabeth Warren’s First Senate Banking Committee Hearing « The Fifth Column

  3. Pingback: Watch Elizabeth Warren from this past week’s hearings…. « Sunset Daily

  4. Pingback: Senator Warren: First Thoughts « Naive Politico

  5. Pingback: Too big to jail?! | V B I

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