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Big Banks Moan That Elizabeth Warren's Senate Questioning Was Too Tough...

Oh... the poor babies...

SHE’S BACK! WARREN TERRIFIES BANKERS IN FIRST HEARING —
Sen. Elizabeth Warren (D-Mass.) generated serious fireworks in her first big Senate Banking Committee hearing, asking tough questions of regulators, repeatedly peppering them to identify the last time they brought a big Wall Street institution to trial rather than settling. There were no real answers. She also earned significant ire from bankers with her line that one reason big banks mostly trade below book value may be that “nobody believes” their books are honest. Most of the complaints came on background or off the record given that these bankers have to deal with Warren in the Senate for at least six years and perhaps much longer and are (apparently quite justifiably) freaked out at the prospect.

One top exec emailed: “While Senator Warren had every right to ask pointed questions at today’s Senate Banking Committee hearing, her claim that ‘nobody believes’ that bank books are honest is just plain wrong. As Federal Reserve Governor Tarullo explained in response to her question, the low valuations are more likely due to continued economic uncertainty and concerns on the part of investors regarding the impact on banks' profitability due to the hundreds of new regulations, higher levels of required capital, and significant activity restrictions.

“It is for these very important reasons that the financial services industry has urged regulators to get implementation right — that is, to carry out the instructions and intentions of Congress in a manner that produces a safe and sound, competitive and innovative industry. That's what today's hearing was supposed to be about — not some shameless grandstanding. Perhaps someone ought to remind the Senator that the campaign is over and she should act accordingly if she wants to be taken seriously.”

http://www.politico.com/morningmoney/



Elizabeth Warren's Aggressive Questioning Prompts Anger From Wall Street

http://www.huffingtonpost.com/2013/02/15/elizabeth-warren-wall-street_n_2695212.html