Speaking on CNN's Starting Point this morning, consumer advocate Elizabeth Warren said that "there's been a guerrilla war" waged by financial institutions to avoid regulations.
Warren stated that the issue embodied by JPMorgan Chase CEO Jamie Dimon is a symptom of the regulation-avoiding power that financial behemoths have to take on risks and let the public take on the consequences.
"This isn't personal to Jamie Dimon. It's what's been going on ever since Dodd-Frank passed. There's been a guerrilla war out there in which the largest financial institutions have been doing everything they can to make sure that financial regulations don't get put in place. And if they do get put in place, that they're loaded with loopholes and not very effective. There's been a lobbying army hired by these financial institutions because they really don't want to have any oversight," stated Warren.
“The problem is a combination of size and attitude. They’re too big, there’s too much power concentrated in just a handful of institutions but it’s also that they have the attitude of leave us alone, we’ll manage our risks internally, we’ll take care of it all ourselves, we’ll come back to you only if things go wrong and we need some help and we need a bailout. We can’t run an economy that way. We can’t run a country that way. We have to stand up as a people and say, 'No more of this.'"
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Elizabeth Warren on CNN's Staring Point:
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