Boom! Senator Elizabeth Warren (D-MA) smashed Zions First National Bank CEO Harris Simmons at a Senate hearing this week on deregulation in the financial sector.
Warren called out Harris for his bogus bailout hypocrisy by pointing out that in 2006, just as the housing bubble was beginning to burst, Harris delivered similar testimony arguing that the banking sector was stronger than and that Congress needed to deregulate financial markets.
Just a few years later, Mr. Harris ardently lobbied for a massive government bailout of the banking sector and used taxpayer money to shower himself and his top executives with lavish bonuses.
Republican deregulation ‘hawks’ are giant hypocrites, on the one hand demanding that government play a limited role in regulating financial markets in boom times, yet crying out with bailout demands when unregulated markets go bust.
Sentator Warren did not mince words when she went off on Harris in the quote and video clip below.
“Now within two years of your testimony the bank you lead science needed nearly 1.5 billion dollars in taxpayer bailout money to stay afloat; and here’s a kicker, that was in part because your bank was highly concentrated in commercial real estate lending the exact thing that you told Congress was not an issue nothing to worry about so mr. Simmons when you say today that Congress can safely rollback the rules on banks like yours and there won’t be any risks to taxpayers why should anyone believe you?”
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2006: Bank CEO says it's safe to deregulate his bank
2008: His bank gets $1.4B bailout
Yesterday: He's back asking for deregulation
— Elizabeth Warren (@SenWarren) June 16, 2017