Elizabeth Warren takes off the gloves
The freshman senator is on a roll, taking on Wall Street at every opportunity
Elizabeth Warren of Massachusetts ran for the Senate as a populist hell-bent on reforming Wall Street. And after starting her tenure as something of a wallflower — much to the consternation of her fans — it appears she's ready to do just that.
Her most recent target was HSBC, which recently settled money laundering charges to the tune of $1.9 billion.
"If you're caught with an ounce of cocaine, the chances are good you're gonna go to jail. If it happens repeatedly, you may go to jail for the rest of your life," Warren said, according to The Associated Press. "But evidently if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your bed at night."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
That sounds a lot like Elizabeth Warren the candidate, who once said that if the Senate Banking Committee did not pass strong consumer protections, it better leave "plenty of blood and teeth on the floor." After taking office, some of her supporters wondered where that fiery consumer advocate had gone. Politico ran a story that featured her ducking the press, and pleading, "I'm new to the Senate and I confess I don’t get this."
Lately, however, she hasn't hesitated to go for the jugular. Shortly after that Politico piece was released, a video of her lambasting top regulators for settling with big banks instead of taking them to trial went viral on YouTube. Then she grilled Federal Reserve Chairman Ben Bernanke over a Bloomberg report that calculated that big banks essentially each receive an $83 billion subsidy from the government, because their too-big-to-fail status acts as a guarantee against insolvency. Next, she attacked Attorney General Eric Holder for admitting he was hesitant to prosecute big banks, arguing that his "testimony that the biggest banks are too-big-to-jail shows once again that it is past time to end too-big-to-fail."
Why the change? The Boston Globe's Joshua Green points out that unlike in Hillary Clinton's time, keeping a low profile isn't always in a freshman senator's best interest:
The left, predictably, loves it. Daily Kos gleefully announced, "Oh yeah, there's a new sheriff in town." David Sirota at Salon hopes that Warren's rise "will prove that quiescence is not a virtue and that good things do not come to those who wait."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The banking industry has, at least in public, been very polite concerning Warren. But it's not hard to imagine James Ballentine, chief lobbyist for the American Bankers Association, saying the following through clenched teeth: "She is as advertised. She came in and concentrated on being a strong advocate for consumers, and she has certainly done that and a little more."
Create an account with the same email registered to your subscription to unlock access.
Keith Wagstaff is a staff writer at TheWeek.com covering politics and current events. He has previously written for such publications as TIME, Details, VICE, and the Village Voice.
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published
-
Xi-Biden meeting: what's in it for both leaders?
Today's Big Question Two superpowers seek to stabilise relations amid global turmoil but core issues of security, trade and Taiwan remain
By Harriet Marsden, The Week UK Published
-
Will North Korea take advantage of Israel-Hamas conflict?
Today's Big Question Pyongyang's ties with Russia are 'growing and dangerous' amid reports it sent weapons to Gaza
By Harriet Marsden, The Week UK Published