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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsELIZABETH WARREN: The Secret New York Fed Tapes Confirm The Game Is Rigged
Sen. Elizabeth Warren (D-Mass.), who has called for congressional hearings regarding conduct at the Federal Reserve following the ProPublica and This American Life report from last week, told NPR in an interview on Wednesday that the report, "tells us exactly what we already knew."
Warren told NPR's Steve Inskeep that the report, "ultimately this report tells us exactly what we already knew that the relationship between regulators and the financial institutions they oversee is too cozy to provide the kind of tough oversight that's really needed."
Last week, a report from ProPublic and This American Life released secret audio recordings from former New York Fed official Carmen Segarra that appeared to showed disagreements and dysfunction among Fed officials stationed inside Goldman Sachs.
Listening to the tapes, Warren said two things jumped out: the lack of truthful reporting and the emphasis by Fed officials on talk over action.
"You know, the regulators seemed to think that it was a victory just to raise an issue, even if they took absolutely no action to address the issue," Warren said. "And that's the kind of approach that allowed banks to take on massive risks before the financial crisis. You know, think about that: The regulators seemed to think that fussing at banks behind closed doors was their toughest sanction. Does anyone believe that Goldman Sachs is gonna give up a deal that would yield millions of dollars because someone fussed at them behind closed doors?"
Read more: http://www.businessinsider.com/elizabeth-warren-on-goldman-sachs-the-fed-2014-10#ixzz3Evikc96V
NYC_SKP
(68,644 posts)This is sheer madness!
Is it the media hype? As if we should trust our corporate media...
Warren for President!!!
99th_Monkey
(19,326 posts)A Simple Game
(9,214 posts)IDemo
(16,926 posts)or so we're told...
winter is coming
(11,785 posts)progressoid
(49,961 posts)antigop
(12,778 posts)santamargarita
(3,170 posts)blkmusclmachine
(16,149 posts)No "Change" will come from that corrupt city.
Dustlawyer
(10,494 posts)plan to wrest control of our government away from the Plutocrats by demanding Publicly Funded Federal, State, and Local Elections (PFE's)! He wants to get rid of all campaign contributions, just think of the Kochs bursting aneurysms if that would ever happen! They wouldn't be allowed to dump tons of pollution 20 miles from me once their protection went away. Corporations would have to pay taxes again to fund the education and infrastructure, and the best part of all, we could get the support to bust up the Wall Street banks and the media oligopolies!
I know, I get carried away, but it is possible if enough people are sick of this corrupt bull sh*t!
NorthCarolina
(11,197 posts)Dustlawyer
(10,494 posts)posts on his FB, letters, phone calls telling him he is on the right track! We need to build a groundswell of grass roots support because he will not get the money or airtime to compete. The MSM will not report his message of corruption caused by campaign contributions because for starters, they are the recipients of all of the campaign cash. Secondly, these mega media corporations are complicit in the corruption and fund the candidates that will represent their interests.
BlueJazz
(25,348 posts)RagAss
(13,832 posts)Mussolini would glow with pride !!!
WillyT
(72,631 posts)avaistheone1
(14,626 posts)navarth
(5,927 posts)Rex
(65,616 posts)Wall Street and the MIC found an easy way to crap all over Main Street and not worry about the clean up.