Skip to main content

View Diary: Heads are exploding on Wall Street with Elizabeth Warren winning Senate Banking Committee seat (215 comments)

Comment Preferences

  •  I Work with "the house that Lizzie built" (6+ / 0-)

    My  current legal work means I'm over at The house that Lizzie built (The CFPB) almost every day lately, and I tell you truthfully Wall Street has NO IDEA what kind of whirlwind they can expect to reap in the next few years.   Being in that place feels like being over at Apple in the late 90's or Google in the early years.   Everyone I've encountered at the agency has three things in common:

    1) They are VERY bright-literally the folks for whom the term "best and brightest" is no exaggeration
     2) They are very energetic:  no old-school bureaucracy mindset there, everything is about getting results and creating cutting edge  tool and innovative ways to do everything
    3) They are DEDICATED to the mission.  From Cordray on down there is a sense of purpose and mission there like nowhere I've ever seen.  I'd call them crusaders if it weren't so corny

    And here's the best news:

    because of a brilliant bit of legislative trickeration by Barney Frank, even a hostile Congress can't hurt them.  They aren't funded through the regular Appropriations process, they get their money from an automatic draw from the profits of the Federal Reserve System (yes, the Fed makes an extremely healthy profit).  Which means a pissed off congressman can't slash their budget or hold up their money.

    Now that "Iron Lizzie" is firmly installed in the Senate, the only other danger to the agency, that Congress would try to neuter it by installing a board of commissioners to run it rather than a single director, has basically passed also.

    The $500 million they made the Credit card companies refund to consumers this year, and the extra $20 billion they helped wring out of the foreclosure settlement are only the begining

    Knowledge is power Power Corrupts Study Hard Be Evil

    by Magorn on Tue Dec 04, 2012 at 04:09:26 PM PST

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site