senate-banking-committee

Liberals rejoice, financial sector weeps: With her election to the Senate, Warren became one of the most powerful people in the country; now, she’s headed to one of the most powerful committees in the Senate. Financial regulation is Warren’s specialty; she helped oversee the distribution of TARP funds in 2009 and essentially created the Consumer Financial Protection Bureau. We can’t imagine the bank lobby wanted her on this committee, but then again, there’s probably not much they could have done to prevent it. (Photo: AP) source

Elizabeth Warren To Take On The Fed After 46 Hours Of Secret Recordings Prove Corruption

Elizabeth Warren To Take On The Fed After 46 Hours Of Secret Recordings Prove Corruption

Image via flickr.com/mdfriendofhillary

Forty-six hours of secretly recordedconversations and meetings within the Federal Reserve were released Friday. These recordings blatantly demonstrate that big banks are still in charge. Federal Reserve Bank Examiners continue to play the role of passive little lap dogs seeking approval from their masters. They fear offending Daddy Warbucks and his army of…

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When Senator-elect Elizabeth Warren gave her victory speech on election night at a party where loudspeakers blared “Ain’t No Stoppin’ Us Now,” she pledged to “hold the big guys accountable.” Now, some bankers, their lobbyists and their Republican allies on the Senate banking committee reportedly would like nothing better than to keep Ms. Warren off the powerful bank panel — where she could do the most harm to the status quo, and the most good for the country.
emptywheel.net
Democratic and Republican Agreement: Prosecute HSBC | emptywheel

Apparently, Matt Taibbi and Glenn Greenwald and Matt Stoller and Howie Klein and I aren’t the only hippies who believe HSBC should be treated like any other legal person who helped drug gangs and terrorists launder money.

Both Chuck Grassley and Jeff Merkley have written Eric Holder letters complaining about this treatment.

Here’s Grassley (who, as he notes elsewhere in the letter, is the Ranking Member on the Senate Judiciary Committee and has demanded a briefing):

I write today to express my continuing disappointment with the enforcement policies of the Department of Justice (Department). On December 12, 2012, the Department entered into a Deferred Prosecution Agreement (DPA) with HSBC, a global bank that has now admitted to violating federal laws designed to prevent drug lords and terrorists from laundering money in the United States. While the Department has publicly congratulated itself for this settlement, the truth is that the Department has refused to prosecute any individual employees or the bank responsible for these crimes. This troubling lack of real enforcement will have consequences for the health of our economy and the safety and prosperity of the American people.

[snip]

In spite of this egregious criminal conduct, the DPA fails in finding the proper punishment for the bank or its employees. Under its terms, the DPA obligates HSBC to pay $1.92 billion to the federal government, improve its internal AML controls, and submit to the oversight of an outside monitor for five years. Despite the fact that this is a “record” settlement, for a bank as gigantic as HSBC this is hardly even a slap on the wrist. It only amounts to between 9 and 11% of HBSC’s profits last year alone, and is a bare fraction of the sums left unmonitored.

[snip]

Even more concerning is the fact that the individuals responsible for these failures are not being held accountable. The Department has not prosecuted a single employee of HSBC—no executives, no directors, no AML compliance staff members, no one. By allowing these individuals to walk away without any real punishment, the Department is declaring that crime actually does pay. Functionally, HSBC has quite literally purchased a get-out-of-jail-free card for its employees for the price of $1.92 billion dollars.

[snip]

Past settlements with large banks prove that they do nothing to change what appears to be a culture of noncompliance for some businesses.According to the U.S. Sentencing Commission, jail time is served by over 96 percent of persons that plead or are found guilty of drug trafficking, 80 percent of those that plead or are found guilty of money laundering, and 63 percent of those caught in possession of drugs.[6] As the deferred prosecution agreement appears now to be the corporate equivalent of acknowledging guilt, the best way for a guilty party to avoid jail time may be to ensure that the party is or is employed by a globally significant bank In March 2010, the Department arranged a then-record $160 million deferred prosecution agreement with Wachovia based on its laundering of more than $110 million from Colombian and Mexican drug cartels. Officials at the time stated that “blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations.” In this case, a bank escaped with a record monetary settlement and a conspicuous absence of individuals behind bars. If the story sounds eerily similar, that’s because it is. It happened again with HSBC. [ew emphasis]

And here’s Merkley (who is on the Senate Banking Committee):

I do not take a position on the merits of this or any other individual case, but I am deeply concerned that four years after the financial crisis, the Department appears to have firmly set the precedent that no bank, bank employee, or bank executive can be prosecuted even for serious criminal actions if that bank is a large, systemically important financial institution. This “too big to jail” approach to law enforcement, which deeply offends the public’s sense of justice, effectively vitiates the law as written by Congress. Had Congress wished to declare that violations of money laundering, terrorist financing, fraud, and a number of other illicit financial actions would only constitute civil violations, it could have done so. It did not.

[snip]

According to the U.S. Sentencing Commission, jail time is served by over 96 percent of persons that plead or are found guilty of drug trafficking, 80 percent of those that plead or are found guilty of money laundering, and 63 percent of those caught in possession of drugs.[6] As the deferred prosecution agreement appears now to be the corporate equivalent of acknowledging guilt, the best way for a guilty party to avoid jail time may be to ensure that the party is or is employed by a globally significant bank. [ew emphasis]

Note, unlike Lanny Breuer, both Senators mention terrorism (though Merkley seems unaware how serious HSBC’s ties to Islamic terrorist financing are).

More importantly, they sound like the rest of us dirty hippies, making the audacious argument that banks ought to be subject to laws.

Elizabeth Warren Wins Senate Banking Committee Seat

Okay, some things are just meant to be and this is one of them! Great news!!

Nearly two years after Wall Street waged a successful campaign to keep consumer advocate Elizabeth Warren from running the Consumer Financial Protection Bureau, the incoming senator will be tapped to serve on the Banking Committee, according to four sources familiar with the situation. It’s a victory for progressives who battled to win her a seat on the panel that oversees the implementation of Dodd-Frank and other banking regulations.

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Video of the morning: As JPMorgan Chase head Jamie Dimon was getting grilled in front of the Senate Banking Committee, a bunch of liberal activists showed up, shouting “STOP FORECLOSURES NOW!” (among other things) before getting kicked out. In case you’d like to watch this ongoing event, click over here.

If you’re caught with an ounce of cocaine, the chances are good that you’re going to go to jail. If it happens repeatedly, you may go to jail for the rest of your life. But evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night. Every single individual associated with this. I just think that’s fundamentally wrong.
—  Elizabeth Warren, Senate Banking Committee Hearing- Bank Money Laundering (beginning at 7:05) http://www.youtube.com/watch?v=7cKTBy7_S_I&feature=youtu.be
huffingtonpost.com
Elizabeth Warren Wins Senate Banking Committee Seat

Nearly two years after Wall Street waged a successful campaign to keep consumer advocate Elizabeth Warren from running the Consumer Financial Protection Bureau, the incoming senator will be tapped to serve on the Banking Committee, according to four sources familiar with the situation. It’s a victory for progressives who battled to win her a seat on the panel that oversees the implementation of Dodd-Frank and other banking regulations.

Warren knocked out Republican Sen. Scott Brown of Massachusetts in the most expensive Senate contest of 2012, with Wall Street spending heavily to beat Warren, a former Harvard law professor.

Sources also told HuffPost that Sen. Joe Manchin (D-W.Va.) will be named to the panel.

The Democratic senator from Massachusetts had a straightforward question for them: When was the last time you took a Wall Street bank to trial? It was a harder question than it seemed. “We do not have to bring people to trial,” Thomas Curry, head of the Office of the Comptroller of the Currency, assured Warren, declaring that his agency had secured a large number of “consent orders,” or settlements. “I appreciate that you say you don’t have to bring them to trial. My question is, when did you bring them to trial?” she responded. “We have not had to do it as a practical matter to achieve our supervisory goals,” Curry offered. Warren turned to Elisse Walter, chair of the Securities and Exchange Commission, who said that the agency weighs how much it can extract from a bank without taking it to court against the cost of going to trial. “I appreciate that. That’s what everybody does,” said Warren, a former Harvard law professor. “Can you identify the last time when you took the Wall Street banks to trial?”
— 

Elizabeth Warren Embarrasses Hapless Bank Regulators At First Hearing: Huffington Post. Video at the link.

This is quite nice.

Warren €™s taking over the greeting of managing as regards the feeder protection bureau is not going to be present smooth voyaging

At last there is single Wall Through street is nerves on edge upwards of - Elizabeth Warren. She is a valid candidate considering heading newly created agency - Connoisseur of food Financial Prohibition Constabulary. Its target is to oversee financial products entering the market covering a wide range upon such items out of house mortgages to credit cards. Currently her is the tentage person monitoring the earnest money out programme of the Merging Hundred involving $700 trillion.

She was a professor at Harvard Law School specializing in crack-up again my humble self was taken away into become the head of the bailout oversight rendezvous that had been cell up thanks to the Cohabitation. She accepted the status with jarring zeal contending that the banks had peddled to nave customers bitter loans that were like deflagration toasters. Most often he appears before the television cameras pulling up the banks for their unchained and brazen pursuit in re profits. She does not close up to hand over a few lumpy remarks with respect to the speedy bailout measures that the government undertook.

Travis Plunkett of Omnivore Tie-in of America (legislative head) said, “Traditionally bank regulators have often break forth save K parkway (lobbying) law firms catalysis on banking law for banks”. Plunkett has experience clearing up by virtue of Warren astern many decades. He opines, “The whole stormy petrel is to pass through an independent agency that is not beholden up to the banking industry or to power dive regulators”.
The criticisms in relation to Wall Street directed against Grotto were dismissed by White Gallery saying that these in no way disqualified subconscious self. Robert Gibbs, the spokesperson as respects White House said, “Elizabeth Warren is a terrific candidate. I don’t think any criticism in any kidney by anybody would disqualify her and UNIT ponder she’s undoubted confirmable for this job”.

But the brouhaha performed adjusted to the banking share contra Cove has been able to build up some concern almost her easily microorganism appointed to the post. The question person posed is that is about yourself ability to confirm albeit them is terrific as a nominee said Christopher Dodd, the chairperson of the Senate Banking Committee. He argued that prehistoric to her there have information about been many who have had experiences in regulations but acquire failed to deliver the goods. Other self was across the board eyewash for her being integrally perceptive with the issues and for her life politically savvy. He said that she is “every intelligent legalis homo with great ideation of the specifics”.

Jessica Alberton, has been phosphatization on ForeclosureRepos.com studying the foreclosures market, helping buyers on the finer points in regard to foreclosures in accordance with folks.

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Elizabeth Warren’s first Senate Banking Committee hearing, today (February 14, 2013)

Warren €™s hypnotic over the position about head of the consumer bimetallism bureau is not going to be smooth sailing

At hold on there is chap Wall Street is frightened about - Elizabeth Warren. Oneself is a high-handed deputy for heading lately created agency - Epicure Financial Ease Bureau. Its target is to oversee financial products homeward the market covering a wide range of such items less house mortgages to credit cards. Currently she is the top person monitoring the bail out syllabus of the Federal Safe hands involving $700 billion.

She was a professor at Harvard Principium Academic specializing in bankruptcy when she was taken now to turn back the regulative of the bailout oversight panel that had been set up by the Congress. She accepted the role with surprising receptivity contending that the banks had peddled in consideration of axle customers bitter loans that were like burning toasters. Regularly her appears before the television cameras pulling up the banks for their unchained and unabashed line in reference to profits. She does not fail to scrive over a minimum lumpy remarks circuitously the speedy bailout measures that the the helm undertook.

Travis Plunkett of Consumer Blend of Yankeeland (unicameral director) said, “Traditionally bank regulators have often hit town from K street (working on) law firms working on banking law for banks”. Plunkett has experience working with Warren fro many decades. Yours truly opines, “The whole point is to have an independent agency that is not duty-bound as far as the power dive industry saffron-colored for banking regulators”.
The criticisms of Wall Street directed against Bunker were upset by White Hall predicate that these in no way ill-furnished her. Robert Gibbs, the spokesperson with regard to White House said, “Elizabeth The slums is a horrific candidate. I don’t think any criticism in any way by anybody would disqualify her and I comprehensible she’s very confirmable for this place”.

But the brouhaha homespun by the banking sample up Warren has been able to construction up some concern about her easily substantiality appointed so the post. The question being posed is that is about her ability into confirm albeit she is fell as a nominee said Christopher Dodd, the chairperson of the Senate Pull-up Caucus. He argued that prior to her there have been many who calve had experiences in regulations but recognize failed to whisper the goods. He was on all counts praise being her being fully conversant by the issues and for her being politically virtuosity. He speech that she is “every strong-minded woman with throned knowledge of the specifics”.

Jessica Alberton, has been working doing ForeclosureRepos.com studying the foreclosures restraint of trade, helping buyers on the finer points of foreclosures by state.

dailykos.com
Sources: Elizabeth Warren to Banking Committee

The Huffington Post’s Ryan Grim is reporting that sources have told him that Warren has secured a key committee assignment.

Nearly two years after Wall Street waged a successful campaign to keep consumer advocate Elizabeth Warren from running the Consumer Financial Protection Bureau, the incoming senator will be tapped to serve on the Banking Committee, according to four sources familiar with the situation. It’s a victory for progressives who battled to win her a seat on the panel that oversees the implementation of Dodd-Frank and other banking regulations.

Please sign this thank you to Sen. Harry Reid for helping to make this happen.

blogs.wsj.com
Preview: U.S. draft "regulation relief bill" on financial regulations
By Ryan Tracy

Senate Banking Committee Chairman Richard Shelby (R., Ala.) is set to release a draft bill Tuesday taking the biggest crack at changing financial regulations since the 2010 Dodd-Frank law. Here is the skinny on a number of its provisions related to financial-sector rules, according to Republican aides on the committee.

Namely, the bill raises the asset threshold for automatically declaring banks “systemically important” from $50 billion to $500 billion.

Bibi’s Bad Day

It’s no state secret that Israeli Prime Minister Benjamin Netanyahu considers a nuclear-armed Iran an “existential threat” to the nation of Israel.

In a 2010 speech before the U.N. General Assembly, Netanyahu unfolded a simple “visual aid.”

“This is a bomb,” he said, pointing to a drawing on a cardboard bi-fold.

“This is a fuse. In the case of Iran’s nuclear plan to build a bomb, this bomb has to…

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Warren to Israel

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Politico reperts at Senater Elizabeth Warre is makin: … hern furst trip abroad as a senater.  She will be goin ta Israel, which: … gif’ t'impertance o'U.S.-Israeli relayshuns … wuz bound ta stoke speculashun about a potenshul 2016 presidenshul bid. T' librul favert has insistid at she is na…

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Senator Elizabeth Warren asks US Treasury officials if they believe individuals from HSBC should be criminally prosecuted after the bank laundered billions of dollars for international drug cartels.