Has Warren defeated Wall Street? Fearing populist revolt-Big banks starting to downsize on their own
NEW YORK — Hillary Clinton recently went on Stephen Colbert’s “Late Show” and said she’s now prepared to bust up the big banks. If banks make too many risky investments, “they have to know — their shareholders have to know — they will fail.”
But Clinton might not have to deliver that message. Neither will Bernie Sanders, who wants to go even further in reining in the banks. Nor will Republicans who are joining in the chorus.
Because under all this heavy pressure from progressives behind Sen. Elizabeth Warren (D-Mass.) on the left and populists like Donald Trump on the right — and the weight of new regulation and activist shareholders — Big Wall Street is already shrinking on its own.
The evidence is everywhere.
“I’ll believe that Wall Street has really gotten the message when we go a full 12 months without a major scandal of somebody breaking the law, ” declared Warren, the political leader of the financial reform movement, in an interview with POLITICO. “But right now I think we’re doing the right thing.”
Read more: http://www.politico.com/story/2015/11/elizabeth-warren-wall-street-215452#ixzz3qTm0Rd78
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