Sentor Coons, this is what a Senator sounds like:
Massachusetts Senator Elizabeth Warren said today at a Senate Banking Committee hearing that JPMorgan chairman and CEO Jamie Dimon’s 74% pay raise to $20 million for the year “raises questions about whether our enforcement strategy is working or if it’s so bad that it makes banks more likely to break the law.” His bank paid over $20 billion in fines and compensation to homeowners this year to settle regulatory actions and lawsuits.
The hearing on data security and financial stability brought four senior financial regulators and one senior Treasury official in front of the committee and provided a forum for yet another strong critique by the populist Massachusetts senator of what she sees as fundamentally weak regulation of the country’s largest banks. In particular, she once again called for more criminal cases that could result in jail time — as opposed to the enforcement actions and civil cases that can be brought by the regulators Warren was criticizing.