Susie Madrak has been following new-elected US Senator Elizabeth Warren’s performance at the first meeting of the Senate Banking Committee and says she proved her worth by putting regulators on the spot about why they go aggressively after powerless defendants while allowing big banks to make deals with them by paying fines that are just included as the cost of doing business and do nothing to deter future wrongdoing.
Warren makes the good point that going to trial provides more than a verdict. By bringing a big bank to trial, the way they operate is brought into the open, which is why banks are only too happy to make such deals.
Madrak has a follow-up report where she says that the banks are angry that Warren said mean things about them.
After the banking sector and their allies in the Republican party refused to allow her to become head of the Consumer Financial Protection Board and then poured huge amounts of money to her opponent Scott Brown’s campaign in Massachusetts, they are now upset that she is doing what she campaigned on and what her supporters expect.
It just demonstrates how used they have become to deferential treatment.
Meanwhile Stephen Colbert had a good discussion on this same topic with business journalist David Leonhardt.
(This clip was aired on February 14, 2013. To get suggestions on how to view clips of The Daily Show and The Colbert Report outside the US, please see this earlier post.)