A short but powerful video clip where US Senator Elizabeth Warren talks about regulators going too soft on big banks. (via – Zerohedge)
We had heard the term Too Big to Fail. She has coined a new one which is sure to catch on. She calls the big banks who regulators don’t want to take on, as Too Big for Trial.
In my last Good Investing Reading post I had shared an article by Matt Tabibi which talked of exactly the same problem.
Regulators are not taking the big banks to trial for mortgage fraud, LIBOR fixing, money laundering and many other frauds. They instead settle and make them pay up fines. Fines which really don’t hurt an entity who has made many more times that amount in illegal profits. The Senator rightly says that ordinary citizens face a tough time with the same regulators and agencies for far smaller run-ins with the law.
I love this lady!