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Senator Warren Indicts Regulators ‘In Bed with Wall Street’

Posted by Larry Doyle on February 7, 2014 10:06 AM |

“The question I’m asking is whether or not there’s adequate deterrent to prevent the largest financial institutions in this country from breaking the law,” Sen. Elizabeth Warren (D-Mass.) said at a Senate Banking Committee hearing today. “Right now, if financial institutions can just settle their claims out of court, and get a raise for settling them, then where’s the deterrent?”

Senator Warren pressed regulators about their current enforcement efforts, noting that the “the public has little confidence in regulators’ willingness to seek the kind of penalties that will actually deter future financial crimes.”

With those two statements, Senator Warren (D-MA) indicts the current scandalous practices if not outright corruption that lies at the intersection of Wall Street and Washington and provides the public’s concluding sentiment as detailed in In Bed with Wall Street. The clip runs a mere 6-minutes.

What to do about this? How about we start with the following:

1. Congress should launch a privately run Office of Whistleblower Protection.
2. Wall Street’s private police detail, that is the financial self-regulatory organization FINRA, should no longer have absolute immunity and should be subject to the Freedom of Information Act.
3. Wall Street arbitration should be optional and not mandatory so as to end the kangaroo court.
4. End the self-regulatory oversight of Wall Street.

Is anybody in favor of the ongoing cronyism and corruption that defines our current system?

Larry Doyle

Please order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view the embedded video clip and to comment on this piece of ‘sense on cents.’

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The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • BudinPA

    When I was young we were all taught in school to address our Senators,
    Congressmen, and now I see our Financial Regulators as Honorable
    “so-and-so”. Seeing HON. in front of these guys (the financial
    regulators) names disgusts me. I hope we all let the Honorable Sen.
    Elizabeth Warren know that she is not alone in the way she feels about
    the TBTF banks and that we support her fight 100%. Break up these banks
    before heaven-for-bid they break up our nation.

  • JOhnR

    I agree wholeheartedly with Senator Warren’s sentiment and with BudlinPA’s statement also. I for one want Pecora hearings. And thank you Larry for appearing on the Senka Live show. Your participation was not only very much appreciated but also quite enlightening.

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