Warren, a Massachusetts Democrat, came out blazing Thursday in her first high-profile appearance as a member of the Senate Banking Committee, ripping into regulators and starkly suggesting banks might be cooking their books.
Her performance struck immediate fear into some of the loftiest corner offices on Wall Street and lobby shops on K Street. Bankers in New York and Washington called her portrayal of the industry deeply unfair and said it did not account for the many tests applied in recent years.
It wasn’t fear, Ben. It was disdain. The Senate is even more toothless than the regulators Elizabeth Warren was putting on the hot seat. Most of that old boys’ and old girls’ club is in deep in the banks’ pockets.
The bankers have no fear and no shame, and they’ll work to destroy anyone who gets in their way. The public needs to wake up to the sham and elect more like Warren, most especially at the level of the Presidency. Until that happens, the banks will continue to act with impunity. Under Obama, they have a “Get Out of Jail Free” card and they know it. Warren’s points were correct, but she’s powerless.