Elizabeth Warren’s Aggressive Questioning Prompts Anger From Wall Street

From Huffington Post:  http://www.huffingtonpost.com/2013/02/15/elizabeth-warren-wall-street_n_2695212.html


Sen. Elizabeth Warren’s (D-Mass.) meeting with bank regulators Thursday left bankers reeling, after she questioned why regulators had not prosecuted a bank since the financial crisis.

At one point, Warren asked why the book value of big banks was lower, when most corporations trade above book value, saying there could be only two reasons for it.

“One would be because nobody believes that the banks’ books are honest,” she said. “Second, would be that nobody believes that the banks are really manageable. That is, if they are too complex either for their own institutions to manage them or for the regulators to manage them.”

That set off angry responses to Politico’s Morning Money. “While Senator Warren had every right to ask pointed questions at today’s Senate Banking Committee hearing, her claim that ‘nobody believes’ that bank books are honest is just plain wrong,” a “top executive” emailed the financial newsletter. “Perhaps someone ought to remind the Senator that the campaign is over and she should act accordingly if she wants to be taken seriously.”

The anonymous emailer said Warren was being as “extreme” as fellow freshman Sen. Ted Cruz (R-Texas), who asserted Tuesday without evidence that secretary of defense nominee Chuck Hagel may have received money from “extreme or radical” groups.

In another email, a GOP bank lobbyist said, “Republicans also would like to know why the Democratic donor base has avoided trial. Maybe she should subpoena the DSCC and Obama’s super PAC to answer her question.”

Continue reading at:  http://www.huffingtonpost.com/2013/02/15/elizabeth-warren-wall-street_n_2695212.html

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