Virginia Sen. Tim Kaine, a leading candidate for the Democratic nominee for vice president, has signaled to the financial industry that he’ll go to bat for them. On Monday, Kaine signed onto two letters, one to federal banking regulators and the other to the Consumer Financial Protection Bureau, urging them to loosen regulations on certain financial players.
The author points out that Tim Kane is not a progressive and has time and again stood with Wall Street in favor of big banks. The article also points out that the Tim Kane choice was an affront to the progressives and a signal to the establishment that she will play ball.
Like many Americans, Sen. Elizabeth Warren wants to know why the DOJ hasn't criminally prosecuted anyone responsible for the 2008 financial crisis. On Thursday, Warren released two highly provocative letters demanding some explanations. One is to DOJ Inspector General Michael Horowitz, requesting a review of how federal law enforcement managed to whiff on all 11 substantive criminal referrals submitted by the Financial Crisis Inquiry Commission (FCIC), a panel set up to examine the causes of the 2008 meltdown
A hacked document shows Wall Street donors, for instance, complaining bitterly about Sen. Elizabeth Warren’s influence over the direction of the party.
The excerpts, posted by WikiLeaks, appear in an internal campaign email that highlighted the most politically damaging quotes from each paid speech. She admits that she needs to have a public and a private opinion on policy which goes to the trust issue/
A top aide calculatingly inserted a passage critical of the financial industry into one of Hillary Clinton’s many highly-paid speeches to big banks, “precisely for the purpose of having something we could show people if ever asked what she was saying behind closed doors for two years to all those fat cats,” he wrote in an email posted by Wikileaks.
Clinton’s October 2014 speech to Deutsche Bank was leaked as part of WikiLeaks’ archive of John Podesta’s Gmail account, revealing more of the nominee’s agenda for the financial sector and global affairs.
Donald Trump’s election has likely given a massive lifeline to Deutsche Bank, the German financial firm that has been rocked recently by rumors that they would have to pay a $14 billion fine to the Justice Department over crisis-related mortgage abuses. That money is unlikely to ever be imposed, now that one of Deutsche Bank’s biggest borrowers – Trump – will soon be sitting in the White House.
In a flurry of deregulation, the Trump administration has already suspended or reversed more than 90 rules. And industry is clamoring for more. Telecommunications giants like Verizon and AT&T will not have to take “reasonable measures” to ensure that their customers’ Social Security numbers, web browsing history and other personal information are not stolen or accidentally released.Wall Street banks like Goldman Sachs and JPMorgan Chase will not be punished, at least for now, for not collecting extra money from customers to cover potential losses from certain kinds of high-risk trades that helped unleash the 2008 financial crisis.
Sen. Elizabeth Warren had a confounding exchange with Treasury Secretary Steven Mnuchin at a Senate Banking Committee hearing today. Mnuchin indicated that the Trump administration supports a 21st century version of the Glass-Steagall Act, except for the part about separating commercial and investment banks, which is substantially what is meant by Glass-Steagall.