Elizabeth Warren Isn’t Playing, Drops Hammer

Senator Elizabeth Warren (D-MA) is not just the serial tormentor of Wall Street (with good reason, certainly); she hates incompetence and complicity wherever it lies.

And now, she’s going after the federal agencies who should be tossing Wall Streeters in the pokey for their deeds leading up to the financial crisis, but are instead happy to collect immaterial fines, and move on.

In a letter to the Federal Reserve, the SEC and other well-funded agencies tasked with enforcement of the law, not simply owlish scolding when it suits them, Warren wrote:

“There have been some landmark settlements in recent weeks for which your agencies and others deserve substantial credit. However, a great deal of work remains to be done to hold institutions and individuals accountable for breaking the rules to protect consumers and taxpayers from future violations,” she wrote in the letter. “Strong enforcement is an important deterrent, and I believe transparency is critical.”

Warren’s point, outlined perfectly in the letter (see graph, above), is that one agency — SIGTARP — has achieved quite a bit of actual enforcement action, although its budget is a small fraction of the larger agencies’ resources.

The Nation has more.

By: rhb

Rob is a NYC-based Internet entrepreneur. He's also a businessman and job creator (wait: doesn't demand create jobs?) who understands the sense, and the eventual predominance, of the progressive agenda.