WASHINGTON — After campaigning last year as an outspoken consumer advocate and Wall Street critic, Senator Elizabeth Warren was surprisingly quiet during her first month on Capitol Hill. But that changed on Thursday at the Massachusetts senior senator’s first hearing, when she rebuked federal regulators for settling civil cases with big banks instead of taking them to trial.
Looking at the seven regulators arrayed before the Senate Banking Committee, and noting that she had often sat at the same witness table before becoming a senator, she used her new power to question why the federal government has not been more aggressive.
“The question I really want to ask is about how tough you are — about how much leverage you really have,” Warren said. “Tell me a little bit about the last few times you’ve taken the biggest financial institutions on Wall Street all the way to trial.”
A handful of supporters in the packed hearing room applauded. But none of the witnesses — representing the Securities and Exchange Commission, the Commodity Futures Trading Commission and others — offered a response.
“Anybody?” Warren asked, pursing her lips and raising her eyebrows above her glasses.
Eric
Posts : 9738 Join date : 2012-07-30 Age : 73 Location : Pensacola
Subject: Re: Elizabeth Warren is a hoot! Fri Feb 15, 2013 3:39 pm
I wonder if this is fallout from Warren's prodding? Seems to be too sudden, but ya never know.
Quote :
WASHINGTON (MarketWatch) — The Securities and Exchange Commission said it’s suing unidentified traders over suspected insider trading in the takeover of H.J. Heinz . The SEC alleges that prior to any public awareness that Berkshire Hathaway and 3G Capital had agreed to acquire H.J. Heinz Company, unknown traders took risky bets that Heinz’s stock price would increase. The traders purchased call options the very day before the public announcement, the SEC said. After the announcement, Heinz’s stock rose nearly 20% and trading volume increased more than 1,700% from the prior day. The SEC obtained an emergency court order to freeze assets in a Zurich, Switzerland account.
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