Elizabeth Warren to Wall Street Regulators: Put Big Bank CEOs in Jail

Mother Jones has the article Elizabeth Warren to Wall Street Regulators: Put Big Bank CEOs in Jail.

In a letter to the Federal Reserve, the Securities and Exchange Commission (SEC) and the Officer of the Comptroller of the Currency (OCC), Warren lauded the overseer of the TARP bailout program for cracking down on financial industry players who wasted, stole, or abused the federal emergency funds doled out to banks during the financial crisis, and implied that the three banking regulators should also punish individuals who helped cause the financial meltdown.

Although the budget for TARP’s inspector general was “a small fraction of the size of the budgets and staffs at your agencies,” Warren pointed out, the program’s watchdog has brought criminal charges against nearly 100 senior executives; obtained criminal convictions on 107 defendants, including 51 jail sentences; and suspended or banned 37 people from working in the banking industry.

If the wording about the overseer of the TARP has you confused, read her letter.

This is the first time I have seen a comparison of one agency’s record of enforcement with these other agencies’ records. Nothing like a little evidence to embarrass the slackers.

You might want to put Elizabeth Warren’s letter in the context of The Real News Network video Justice Department Misrepresents JP Morgan Settlement.

Thanks for JacquelynW’s posting of the Elizabeth Warren story on her Facebook page.

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