Elizabeth Warren BLASTS New York Fed President

[Segami]

This Elizabeth Warren grilling of New York Fed William Dudley over the revelations in tapes made by ex-New York Fed employee Carmen Segarra, is a bit more Socratic than her normal approach, presumably because she has more than the typical five minutes for questions. Don’t be deceived by her pacing.

Warren goes after a derivatives transaction that Goldman did with Bank Santander to help the bank create the impression it had more capital than it did. What is appalling about the exchange is it revealed that the New York Fed’s general counsel Tom Baxter effectively pulled the supervisory team off the transaction by deeming it to be legal. But he never checked with the intended victim, the European Banking Authority, to see if it was kosher. Worse, Dudley acts as if this is all fine because the deal was public. In fact, the transaction was so complex that even Bloomberg’s house derivatives maven Matt Levine couldn’t puzzle it out.

There’s another deceptive element that Warren doesn’t mention: that Goldman in its closing documents stated that Goldman was required to present the deal to the New York Fed and have the Fed say it had no objection to the deal. That had never happened. So Goldman also falsely implied that the Fed gave tacit approval when no such thing had taken place. Back in the stone ages of my youth, if Goldman or any bank had tried that stunt with a regulator, they would have gotten in some serious hot water. Here, all it appears the Fed did was shrug its shoulders.



http://www.nakedcapitalism.com/2014/11/elizabeth-warren-blasts-new-york-fed-president-william-dudley.html

[NYC_SKP]

1. That was business as usual. Warren for President. NT

[truebluegreen]

2. Slimy NY Fed Dudley isn't doin' right

and boy did it show.

Warren for President! Or Treasury Secretary in a Sanders administration. Or Fed Chair...

[List left]

3. Run Elizabeth Run! nt

[JDPriestly]

4. Elizabeth Warren is just so brilliant.

From star debater way off in Oklahoma to star professor at Harvard Law School.

Watch the video and you will see a great mind at work.

Run, Elizabeth, run. We need you at the helm of our executive branch. You ask the right questions. And that is why we need you to run the country. Please. Please.

[Bluenorthwest]

7. If you look at her history of voting for bigoted, stupid, sexist Republicans you find that her great

mind has reached some very erroneous conclusions. She liked Reaganomics so much that she now says she never even thought about the anti choice policies she supported, nor about the thousands dying from AIDS while her precious Reagan did nothing. She she just kept voting for Reaganomics until it had busted the Unions and gutted the middle class and piled up tends of thousands of AIDS dead.
Of course those decisions also brought to her a personal fortune in excess of 15 million dollars, so while it gutted me and killed some, it served her well. Maybe her wealth proves the greatness of her mind, focused like a laser on profit and power no matter who suffers and no matter how loud the calls for change.
I thank God daily that Bill Clinton was able to defeat her choice, George Bush. Another great choice by the great mind.
I've never known a bigot with a great mind, never met a person who was not a bigot who'd vote for bigoted shit.
Maybe she has worked up a narrative. I'd like to hear it. 'I was right to vote Republican for three decades because....great minds, blah blah, Goldwater Girl, blah, blah hawk, blah....

I see her and I wish I too had been a fucker in the 80's and raked in cash instead of being a decent person. I did not know that you could be venal and selfish for 30 years then declare yourself Queen of Liberals and get by with it.

[JDPriestly]

9. Have you read her book?

She explains why she changed her mind about the Republican viewpoint.

She researched why people, ordinary people, declare bankruptcy. That is why she changed her political affiliation. She does not come out expressly and say that, but it is quite clear from her book that she is a Democrat because of the research she did that puts the lie to Reaganomics.

People can change. She did. Read her book and you will understand.

Of course, not everyone wants to understand. Not everyone wants to learn. Not everyone wants to change.

It is up to the individual to obtain information that can make change possible. If a person wants to condemn Elizabeth Warren based upon the mistakes she made before she educated herself and discovered the truth, but condemning her on that basis betrays an unwillingness in the person doing the condemning to learn and discover the truth.

Hardly a liberal trait. That Elizabeth Warren did the research, that she changed her mind shows what a real liberal she is. Of course, she had to do a lot of reading in order to change her mind.

Her book is an interesting read. She is brilliant. She can learn and has learned. She asks the right questions.

By the way, Hillary was a Goldwater Republican in her youth.

[Dustlawyer]

5. We need Elizebeth Warren and Bernie Sanders on the same ticket! I don't care which one

is POTUS and which is VP as long as they push for Publicly funded Elections and an end to campaign contributions. Bernie has stated that it is his number 1 issue and I am pretty sure Senator Warren would feel the same way!

[Octafish]

6. Brooksley Born would make a great Special Prosecutor

http://www.rooseveltinstitute.org/new-roosevelt/financial-reform-warrior-brooksley-born-warns-more-crises-come

[2banon]

8. Yes, She certainly DID BLAST the NY Fed Pres, spanked his ass and left marks.

This is just one of so many examples of straight up honest/direct/concise and succinct interrogations by Warren. It is heartening to have a real fighter for the people in the Senate. We need her there. There's no one else like her.