Warren goes after TBTF
by digby
Elizabeth Warren shows once again that she’s not going to be one of those freshmen Senators who keep their heads down for their first term and wait for years to become a leader (if they ever do.):
Sen. Elizabeth Warren (D-Mass.) and a bipartisan group of senators introduced a bill Thursday that would break up the nation’s biggest banks, forcing them to split their routine commercial banking operations from their risky trading activities.
[…]
The senators contend that even as the economy slowly improves, big banks continue their bad behavior. In December, for example, the giant international bank HSBC was fined for illegally allowing millions in Mexican drug trafficking money to be laundered through its accounts. Last year, JPMorgan Chase lost $6 billion on one bad trade. What’s more, the nation’s four biggest banks are now 30 percent larger than they were five years ago.
It’s not everything, but it’s not nothing either. And she managed to persuade a Republican and an Independent to co-sponsor which shows some smart political strategizing.
Warren continues to fulfill our expectations. It’s almost hard to believe…
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