Danielle was a guest today on The Financial Survival Network with Kerry Lutz talking about recent developments in the world economy and markets. You can listen to an audio clip of the segment here.
Following the Savings and Loan crisis in early 80’s, the FBI was referred more than 5500 files for criminal investigations from financial regulators which led to more than 1000 criminal prosecutions and more than 800 individual convictions and jail time:
“The law on this is clear, no corporation can break the law unless an individual within that corporation broke the law”…After 35 billion of fines and repeated admissions of wrong doing by financial institutions since 2008,”Can you tell me how many senior executives at financial institutions the Fed has referred to the Justice department for prosecution?”
The outrageous answer: zero.
Warren then goes on to point out yet again that 6 years after the financial crisis, too big to fail banks still have no reasonable proposal for their own resolution on failure without taxpayer bailouts, and this is in direct breach of the Fed’s given mandate to step in and break up the banks who do not.
Here is a direct video link.
Senator Warren’s important speech in the Senate on the purchase of political power in America:
“Mr. President, I rise today to support an independent constitutional amendment offered by Senator Udall of New Mexico which would restore to Congress and the States the authority to rein in the enormous sums of money that are flooding into our political process.
As they built our democracy, the Founders feared the impact of concentration of power. John Adams, a Massachusetts native and the author of our State Constitution, expressed this ideal well. He said:
Power must be opposed to power, force to force, strength to strength, interest to interest, as well as reason to reason, eloquence to eloquence, and passion to passion.
Balance, said Adams, was critical.
But in Washington power is not balanced. Instead, power is concentrated all on one side. Well-financed individuals and corporate interests are lined up to fight for their own privileges and to resist any change that would limit their special deals.
I saw this up close and personal following the 2008 financial crisis when I fought hard for stronger financial regulations, and the biggest banks in this country spent more than $1 million a day to weaken reforms. But there are many more examples.
Big corporate interests are smart. They fight every day on Capitol Hill, every day in the agencies, every day in the courts, always with the same goals in mind–to bend the law to benefit themselves. The U.S. Supreme Court is doing all it can to help them…” See her whole speech here.
Cory’s Chart Corner
