Sen. Brown Rips Bernanke Apart About Many Bank Frauds - "No Wonder the Public Doesn't Trust You"

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Sen. Brown Rips Bernanke Apart – “No Wonder the Public Doesn’t Trust You or Us”

Sen. Brown Rips Bernanke Apart – “No Wonder the Public Doesn’t Trust You or Us”

From transcript:

i want to run through it for the sake of repetition because it is so important to continue to recognize what these problems are. investor lawsuits, s.e.c. enforcement actions over mortgage backed securities, municipality sold over price credit derivatives, bankrupting some of them. five of the nation ae largest servicers found to have forged foreclosure documents and mortgage security legal documents. the nation’s largest bank in january halted all consumer debt collection lawsuits over concerns about poorly maintained and inaccurate paperwork and the largest bank lost $5.8 billion to date on large complex derivative trades. the regulators either didn’t know about or looked the other way. it appears their employees miss reported losses. 16 global banks suspected of manipulating libor used as a bench mark for mortgages and credit cards and student loans and even derivatives. in june one publication reported on a criminal bid trial exposing illegal practices by many wall street banks and arranging bids so banks could under pay for municipal bonds. two weeks ago former employees of the nation’s largest bank told the new york times the company urged them to steer clients to their own mutual funds because they were more profitable for the bank even though they paid investors lower returns than other funds. the federal energy regulatory commission is investigating whether the biggest u.s. bank manipulated prices in the energy market. this goes on and on and on and not to mention wrongdoing and institutions over which the fed has no jurisdiction and mf global, the problematic facebook ipo, recent reports and the analysts at wall street’s biggest banks are sharing secret information. no wonder the public doesn’t trust you or us or any of the bank, the banks on wall street, the bank regulatory system, so i don’t know any other answer, mr. chairman, other than to put out there and again say i think so many of our biggest banks are too big to manage and too big to regulate and i think this behavior shows they’re too big to manage and too big to regulate. true? many bad practices, i agree. many of them are tied to the crisis period, period of excess. i think that’s bad business.

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2 Responses to “Sen. Brown Rips Bernanke Apart – “No Wonder the Public Doesn’t Trust You or Us””

  1. Elaine says:

    Does anyone wonder as I do why this is not being reported by mainstream media? WTF?

  2. TrickleUpPolitics says:

    Yeah, but what was Bernanke’s response?

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