Sunday, October 18

Don't ask, don't tell...

Where did the $750 billion in TARP money go?

We'll never know...

Elizabeth Warren: "I have a real problem when we describe to taxpayers their money will be taken and used one way and in fact it's used another way," she declares.
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"I do not understand how is financial institutions could think they could take taxpayer money and turn around and act like it's business as usual," Warren says. "Party On -- the way we've partied in the past..."

"I don't understand how they can't see that the world has changed in a fundamental way - it's not business as usual when you take taxpayer dollars."

"All I can say right now is they seem to be winning this argument.
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"Here's the bottom line: The banks, big banks, always get what they want, that's what I'm told," says Warren, in the third part of her sitdown interview with Aaron Task at The Economist's Buttonwood gathering. "I'm told over and over. They have all the money, they have all the lobbyists. And boy is that true on this one. There's just not a lobby on the other side."
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"On the other hand, this is a moment when people all around the country are saying, we've had it about up to here with these large financial institutions that want to take our money and then write the rules. I find it astonishing that they have the nerve to show up and say, 'I'm a big financial institution. I took your money. And now I'm going to lobby against anything that might offer some protection to ordinary families in this marketplace,' " Warren says.