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This lies is the power here and the disappointment is mainly with the department of justice, why they haven t brought more cases against the banks, either civilly or criminally and why they haven t brought the ceos, major bankers to trial for their actions. so now, let s go into that why. i know you asked people, why didn t they? why are there no examples as they were after the great depression? why are there so few examples of a serious trial, or anybody going to jail? it is an appaling failure, one reason is that the securities and exchange commission is running scared. they don t have much trial experience, they have lost trials. they brought a mid-level citigroup banker to trial in a case and lost. that scares them. the eastern district of the department of justice brought a case against two low level bear ....
It is also the case that every time there is a settlement and not a trial it means that we didn t have those days and days and days of testimony about what those financial institutions had been up to. so the question i really want to ask is about how tough you are. about how much leverage you really have in the settlements and what i would like to know is tell me a little bit about the last few times you have taken the biggest financial institutions on wall street all the way to a trial. when was the last time the federal government took a wall street bank to trial? that is a great mystery of the financial crisis and it has never really been answered to my satisfaction. why have there not been more prosecutions and trials? and yesterday, the federal regulators in attendance had to come up with an answer and do it under oath. here is what happened. the institutions i supervise national banks, we ve actually ....
Had a fair number of consent orders, we do not have to bring people to trial or well i appreciate that you say you don t have to bring them to trial. my question is when did you bring them to trial? we have not had to do it as a practical matter to achieve our supervisory goals? ms. walter? i will have to get back to the with the specific information, but we do litigate and do have settlements that are either rejected by the commissioner not put forward. okay, we have multiple people here, anyone else want to tell me the last time you took a wall street bank to trial? no one did, no regulator could remember the last time they took a wall street bank to trial. biggest financial crisis in history, nobody had anything. and the answers they gave didn t seem like to good answers to me, or that great of answers to elizabeth warren either. you know, i just want to note on this, there are district attorneys and u.s. attorneys who ....
With the department of justice, why they haven t brought more cases against the banks, either civilly or criminally and why they haven t brought the ceos, major bankers to trial for their actions. so now, let s go into that why. i know you asked people, why didn t they? why are there no examples as they were after the great depression? why are there so few examples of a serious trial, or anybody going to jail? it is an appaling failure, one reason is that the securities and exchange commission is running scared. they don t have much trial experience, they have lost trials. they brought a mid-level citigroup banker to trial in a case and lost. that scares them. the eastern district of the department of justice brought a case against two low level bear stearns to trial. they lost, so losing really ....
Of wall street reform, and consumer protection, the witnesses were seven federal financial industry regulators from places like the securities exchange commission. because elizabeth warren was a junior member of the committee, it took about an hour and a half for her to question the witnesses. when she got her turn she made the most of it, asking a really, really good question, a question that has been lingering ever since financial crisis began. i know there have been landmark settlements but we face very big issues with financial institutions. if they can break the law and drag in billions in profits, and then turn around and settle, paying out of those profits, they don t have much incentive to follow the law. it is also the case that every time there is a settlement and not a trial it means that we didn t have those days and days and days of testimony about what those financial institutions had ....