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MasterJaguar01 -> RE: Elizabeth Warren Rocks (7/11/2015 8:12:45 PM)
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ORIGINAL: bounty44
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ORIGINAL: MasterJaguar01
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ORIGINAL: bounty44
fake lineage and socialist tendencies aside for a moment, mj, could you elaborate for a bit on the corporate corruption you mentioned in your very first post?
Here are her proposals:
Hold financial institutions and individuals accountable for cheating customers
Close the auto loan loophole and extend CFPB oversight to auto dealers
Stop financial fraud recidivism by preventing any institution from entering into a non-prosecution agreement or deferred prosecution agreement if they are already operating under such an agreement
Deter future financial fraud by imposing a mandatory minimum monetary penalty at least equal to the profits generated by the illegal conduct and strengthening judicial review of deferred prosecution and non-prosecution agreements
Strengthen enforcement by requiring the Fed's Board of Governors to vote on all major supervisory and regulatory matters, and giving each Governor his or her own staff
Stop financial institutions from passing risk on to taxpayers
Cap the size of financial institutions as originally proposed by Senators Brown and Kaufman
Reinstate the barrier between commercial banking and investment banking as proposed in the 21th Century Glass-Steagall Act
Improve market discipline by restricting the Fed's emergency lending authority
Change tax policies that encourage excessive risk-taking and financial instability
Close the bonus loophole that allows financial institutions to write off billions in executive bonuses each year
Limit highly leveraged financial institutions from fully deducting their interest payments
Institute a targeted financial transactions tax
Create simple, structural rules for regulating the shadow banking sector
She is working on Glass-Steagall now.
okay, but, im not sure this an actual answer to my question. what are corporations presently doing, that is "corrupt" such that she is resonating so strongly with you in that regard? some of the answer to that might actually be hidden in what you've written above, but im looking and hoping for something more direct and specific---some intimate and actual connection between the corruption and her positions/propositions.
In this context, she is focusing on the banking (commericaial and investment), and insurance industry. During the lead-up to the financial crisis, banks were fraudulently misrepresenting securitized mortgages. They were also merging, and doubling as insurance companies, and bypassing regulations on how much of their assets they can invest in "risky investments", and creating themselves as "too big to fail". Phil Gramm, was the lead sponsor of Gramm-Leach-Billey, which he tried to pass off as a consumer privacy and safeguard act. It gutted Glass-Steagall, which opened the door for this behavior.
Incidentally, Phil Gramm's wife (one incredibly corrupt bitch, to put it nicely) , was appointed by Reagan to sit on the Commodity Futures Trading Commission. Enron lobbied her to exempt it from any of its regulations. After that was done, she resigned and took a seat on Enron's board. (We know how that turned out)
She wants to: (among other things)
1) Put a stop to Commercial Banks, doubling as Investment Banks and Insurance Companies ("Too Big To Fail")
2) Stop Federal Tax dollars going to cover banking losses (aka bailouts)
3) Cap the size of financial institutions
4) De-incentivize highly leveraged banks, by limiting their interest deductions
5) Regulate the "shadow banks" (Organizations which operate like banks, but are not chartered as such)
This is a Senator who FULLY understands the causes of the financial crisis and has the EXACT right ideas to prevent it from happening again.
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