Senator Elizabeth Warren Blitzkriegs CitiGroup & Wallstreet
Massachusetts’ Senator Elizabeth Warren gave a series of resounding speeches in opposition to a recent provision passed in the 2015 federal budget “Cromnibus” spending bill. The contested provision weakened the Dodd-Frank law, thereby allowing big banks like CitiGroup to gamble on risky investments with taxpayers’ money. Such a provision is not unique to the 2015 “Cromnibus” spending bill, in fact it’s identical to those “Too Big to Fail” provisions which lead to the 2008 financial crisis.
Too Big To Fail Still Lives
On December 12th, Warren delivered her signature scorning speech, accusing CitiGroup of becoming too powerful and influential to a point where they can “hold the entire country hostage.” Her speech can been seen here.
Warren’s accusations were well founded, as CitiGroup’s web of influence (depicted below) shows the “shocking” amount of high-level government officials with connections to CitiGroup:
Bunkered Down For Nearly A Decade
Since Warren’s recent blitzkrieg on big banks, the Internet has exploded with YouTube links to her speech appearing across social media, news sites, and the like. Warren is an adorned on Twitter as well, tweeting “Citigroup is holding government funding hostage to ram through its government bailout provision. Join me in opposing the #CitigroupShutdown,” and “Congress proved tonight [Dec. 13th] that if you’re a Wall Street bank, Washington works great for you. We lost this time but we keep fighting,” from her account (@SenWarren). Warren’s recent outcry, while paramount, was just too little too late, as the much lobbied pro-bank provision passed.
But for those of you who have followed the SouthFlordaLawBlog.com since its inception, Warren’s message is one that has been boisterously blogged about in countless entries outing Wallstreet, the banks, and the Government for their Too Big to Fail policies. From predatory lending to robo-signing, we have bunkered down in the trenches to shine light on the banks’ misdeeds and transgressions. Warren’s recent speech calling for the breaking up of Too Big to Fail banks was not just a breath of fresh air for consumer rights activists, but also a gust of wind which lifted the sails on a potential Presidential campaign for Warren in 2016.
And while talks of her run at the White House may be a little premature in December of 2014, she has certainly earned the attention and respect of many who have battled with the banks and Too Big to Fail policies.
From The Trenches