Archive for Senate Banking Committee

Banned On YouTube, Now We Have It Here


Elizabeth Warren4

You all know what a big fan I am of protections for we little guys/gals. Wall Street, thanks to the GOP, have had their Mr. Toad's Wild Ride at our expense. Well, stepping up to the front of the line to protect us from further abuses and hopefully further bailouts, are two unlikely allies. Not that either alone wouldn't be of great marquee value but when old school meets new school, you've really got something quite formidable. Perennial wild card, Sen. John McCain and consumer protection expert, Sen. Elizabeth Warren have begun their mission -- the new Glass-Steagall Act.  Not too long ago, I wrote about it as well as posted Senator Warren's kind response.

So it was with great relish that I heard that she had taken on the talking heads over at CNBC recently and gave them a schooling. So much so that CNBC demanded YouTube take down the video of Senator Warren's smack-down on SQUAWK BOX claiming it was violating copyright.By the time the video was removed, it had already gone viral. The damage was done. Here's a HuffPo report on it.

Now, if you want to see the entire banned segment, you can. CNBC has reversed itself after it's public shaming and the video is back up on YouTube. We have it here for your listening and viewing pleasure.

Senator Warren has never been better. Please enjoy:

And remember, Both Warren and McCain need our support and loud voices regarding banking reform. They can be reached here: Sen. McCain and Sen. Warren.

AUTHOR'S NOTE: Laffy did a wonderful piece on Senator Warren yesterday. Please check it out here if you haven't seen it yet. We have a true fighter for us up in Senate.


VIDEO: Chris Hayes takes on "nationwide foreclosure crime scene," Elizabeth Warren takes on the regulators


foreclosure crime scene

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This is must-see TV. Please watch all of it, it's a segment of "All In with Chris Hayes" from a day or two ago. Here's the back story, via MSNBC:

What the numbers show are banks foreclosing on military service members who were entitled to relief, and banks foreclosing on homeowners who had been approved for a loan modification. The numbers even show banks foreclosing on homeowners who were not behind in their payments and not in default. [...]

According to the findings posted just Tuesday by a federal bank regulator as part of a settlement agreement with a number of major banks, between 2009 and 2010, foreclosure proceedings that were wrongful or in some way contained bank error commenced against nearly four million homeowners.

About 30% of those homeowners had to battle potentially wrongful efforts to seize their homes, and more than 244,000 eventually lost their homes... But given the scale of the deception and error, the amount of money is, in most instances, cartoonishly small.

The entire segment is astonishing.

Which brings us to this morning at a Senate Banking Committee hearing where Sen. Elizabeth Warren (D-MA) asked regulators why they won’t reveal how often big banks broke the law by illegally foreclosing on homeowners. Surprise! The answer was, they didn’t exactly know pre-settlement and, per Think Progress, "were now unwilling to publicize the error rate."

Gee, who could have predicted that would happen?

Elizabeth Warren was her usual sharp-as-a-tack, unrelenting, driven self, and the regulators got the brunt of it. Where would we be without her to look out for us?

On Tuesday, regulators released new information suggesting that banks may have made errors in as many as 30 percent of all loans that qualified for a review,” the Huffington Post reported.

Watch Warren rip into the Big Bank Bodyguards, and watch them get all slithery and squirmy and resistant and small:

This is what "competent" looks like, Congress. Pay attention:

WARREN: So you have made a decision to protect the banks but not a decision tell the families who have been illegally foreclosed against?

RICHARD ASHTON (FEDERAL RESERVE): We haven’t made a decision about what information we would provide to individuals. [...]

WARREN: So I just want to make sure I get this straight. Families get pennies on the dollar in the settlement for having been the victims of illegal activities or mistakes in the banks’ activities. You now know individual cases where the banks violated the law, and you’re not going to tell the homeowners, or at least it’s not clear whether or not you're going to do that?...

I thought this was about transparency... People want to know that their regulators are watching out for the American public, not the banks.

No, as I said, watching out for the American public seems to be falling on Elizabeth Warren's shoulders. We need 100 more like her.

elizabeth warren banking committee hearing


Elizabeth Warren appointed to Senate Banking Committee, HELP Committee gets 3 more liberals: Warren, Murphy, Baldwin


Guess who's going to oversee Wall Street and the financial system?

Via Livewire:

Consumer advocate and Sen.-elect Elizabeth Warren (D-MA) will serve on the Senate Banking Committee once the 113th Congress convenes in January, Majority Leader Harry Reid announced on Wednesday.... Sen. Patty Murray (D-WA) will also chair the Budget committee, Reid announced.

And Sam Stein tweeted:

Here is the entire list of committee assignments, including:

BANKING – 113th
Tim Johnson – CHAIRMAN
Sherrod Brown

HELP (Health, Education, Labor, and Pensions)– 113th


Elizabeth Warren wins Senate Banking Committee seat!


Wall Street, get your Pepto Bismol ready, here comes Senator Elizabeth Warren. The consummate consumer advocate who will be in a position to influence regulators and financial institutions will now be in a better position to drive the GOP crazy, too.


... Elizabeth Warren ... 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.