Senator Elizabeth Warren has formally asked the Obama administration why, despite this disturbing trend of no fault fines, the Justice Department has not been more aggressive in prosecuting these too big to fail banks. I’m sure Warren will not be satisfied with the answer and she will proceed accordingly. Obviously we have the regulations in place to catch these bad actors, the question remains as to why are the consequences so negliable? These fines don’t even merit the category “the cost of doing business” since at tax time, I would bet, the banks find ways to deduct these fines off their taxes, another way we subsidize corporate America, thank you very much. I am very happy that Elizabeth Warren’s creation, the CFPA, is doing precisely what she envisioned, watching out for the average consumer and holding bad actors accountable. We just need to go further and make these bad actions criminal so that the consequences act as a greater deterrent than simply a profit and loss equation.
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