Senator Elizabeth Warren asks OCC and SEC federal bank regulators why no banks were taken to trial in the aftermath of the financial crisis.
"When was the last time you took a Wall Street bank to trial?" she asks Honourable Tom Curry (Comptroller, Office of the Comptroller of the Currency) and Elisse Walter (Chair, U.S. Securities and Exchange Commission).
"We have not had to bring bank to trial," OCC Curry responds.
"I'll have to get back to you," SEC Walter appends.
Finally, Sen Warren 'loses it', interjecting a terse note, "There are District Attorneys and U.S. Attorneys who are out there every day squeezing ordinary citizens on, sometimes, very thin grounds. And taking them to trial, in order to make an example. I'm really concerned that 'too big to fail' has become 'too big for trial'. That just seems wrong to me."
TEN DAYS LATER UPDATE: Ben Bernanke testified on the U.S. economic outlook for the year and the future of economic growth. In his remarks he defended the U.S. central bank's bond-buying stimulus, urged lawmakers to avoid sharp spending cuts set to go into effect by the end of the week, and spoke about successful efforts to curb inflation to stimulate the economy. Once again, Senator Elizabeth Warren at the helm.
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