Senator Elizabeth Warren, Democrat of Massachusetts, has breathed new life into bolstering Americans belief in our Democratic system of government and the notion that one good man or good woman can make a meaningful difference in Congress. Senator Warren was the driving force behind the creation of the Consumer Financial Protection Bureau which has opened a robust two-way dialogue and redress system with the American people regarding the financial crimes being inflicted on them – otherwise known as Wall Street’s institutionalized wealth transfer system – while it is simultaneously under relentless assault by corporate attack dogs masquerading as Republican members of Congress.
It was Senator Warren in 2013 that informed us that the so-called Independent Foreclosure Reviews to settle the claims of 4 million homeowners who had been illegally foreclosed on by the bailed out Wall Street banks were a sham. The ‘independent’ consultants had been hired by the banks and paid by the banks, with the banks themselves allowed to determine the number of victims.
Senator Warren was the pivotal person who put the high frequency trading scam described in the Michael Lewis book, ‘Flash Boys,’ into layman’s language. During a Senate hearing on June 18 of last year, Warren explained:
‘High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain. But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place. It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.’
This post was published at Wall Street On Parade By Pam Martens and Russ Marte.
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