Senator Elizabeth Warren speaks up about “too big for trial”

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Senator Elizabeth Warren went straight for Wall Street banks on Thursday at her first hearing as Senator, calling out regulators on their decision not to take them to trial.

Over the “too big to fail” debacle, banks like JP Morgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. were involved in what has been described to be the worst economic crisis since the Great Depression.

Warren, who is known for her stalwart support of consumer rights and issues, did not hold back in asserting the double-standards over the banks involved in the “too big to fail” situation when comparing them to the large number of small businesses that were forced to close during the economic downturn of the past few years.

“I want to note that there are district attorneys and US attorneys who are out there every day squeezing ordinary citizens on sometimes very thin grounds and taking them to trial to ‘make an example,’ as they put it,” she said during the hearing.

“I am really concerned that too big to fail has become too big for trial,” she added.

Her comments received mixed reactions.

Warren also questioned the last time regulators took a Wall Street bank to trial in the US.

The Democratic Senator, an advocate for and supporter of the gay community, has pushed for both gay marriage and is a strong voice for the Employment Non-Discrimination Act (ENDA), where employers are required to enforce a policy against discrimination of LGBT employees.

429Magazine

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