Bankers and other members of the finance community have opposed Warren as she rose from being a Harvard University law school professor to a Massachusetts senator. They opposed her permanent nomination to head the Consumer Financial Protection Bureau, which she created. After Senate Republicans said that they would filibuster her nomination, she ran for Senate in Massachusetts. Wall Street donated heavily to her opponent, former Sen. Scott Brown (R-Mass.), but she won the seat. Warren became a member of the Senate Banking Committee, despite further heavy opposition from banking lobbyists.
"In recent years, a number of large, international banks have been prosecuted for systematically violating OFAC [Office of Foreign Asset Control] prohibitions. In most cases, the violations involved the practice of stripping information from wire transfer documentation to hide the participation of a prohibited person or country, and executing the prohibited transaction through a U.S. dollar account at a U.S. financial institution."
You think 0.95 is evidence of fraud?
[...] these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.
It seems to me that you consistently settle with banks rather than bring them to trial. In fact I'm not aware of the last time you brought a large Wall Street bank to trial. This is really problematic for me because without the threat of trial there really won't be any incentive for banks to follow the laws, especially when the terms of settlement mean that the profits they can get by breaking the law exceed the cost of the fines. So I guess my question is what can we do, Congress and regulators, to ensure that going forward we actually see more and more cases go to trial. And what can we do to ensure that the punishments that banks face for illegal behaviors *exceed* the potential profits. Otherwise there's no effective disincentive here.
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