No penalties, no jail time. A nice cozy relationship the Banksters have with the JD and regulators. From Senator Elizabeth Warren...... The Federal Reserve Bank of New York is supposed to be responsible for regulating the nations biggest banks. But 46 hours of secret audio recordings released by a former New York Fed regulator – a woman who says she was fired for being too tough on Goldman Sachs – indicate that the big banks are the ones in charge, not the Fed. When regulators care more about protecting big banks from accountability than protecting the American people from risky behavior on Wall Street, it threatens our whole economy. Join Senator Sherrod Brown and me in calling for a Congressional oversight investigation into the disturbing issues raised by the Goldman Sachs tapes. Our regulators seem to think theyre being tough on the big banks. But when I ask them about the last time they took a big bank to trial, or the last time they referred a senior bank executive for criminal prosecution, theyre stumped. They claim that closed-door settlement agreements – agreements that dont hold any individuals accountable – are enough to teach the big banks a lesson. Call me skeptical, but when Wall Street CEOs like Jamie Dimon are getting massive pay raises for negotiating sweetheart deals with the regulators, it doesnt seem like the American people are getting a good deal. Thats why I introduced a bipartisan bill earlier this year to require detailed, public disclosures of all settlements so we can see whats hidden in these secret agreements. But the tapes from this whistleblower show that the problem isnt simply that the big banks get sweetheart deals. It shows that the relationship between the regulators and the financial institutions they oversee is far too cozy to provide the tough oversight thats really needed – and calls into question whether the Federal Reserve is up to the task of protecting us at all. This is simple: Bankers on Wall Street need to follow the law – and when they dont, they should be held accountable. For that to work, regulators in Washington and New York need to enforce the law – and when they dont, they should be held accountable. Join Senator Sherrod Brown and me in calling for a Congressional oversight investigation into issues raised by the Goldman Sachs tapes. We can keep making the rules on Wall Street tougher and tougher, but it wont make an ounce of difference if the regulators wont enforce the rules that are there. We need to get to the bottom of this. Thank you for being a part of this, Elizabeth my.elizabethwarren/page/s/goldmantapes?source=20141024em2#.VEvdHL42US0
Posted on: Sat, 25 Oct 2014 17:25:29 +0000
Trending Topics
Recently Viewed Topics
© 2015