Somebody remarked about the earlier post that it was an older story… and we relied, “Yes, we’re aware… but isn’t it nice to re-post and irritate the banks?!” Doesn’t it make this next post even more exciting?
WASHINGTON — Bank regulators and executives typically hope to escape a Senate Banking Committee hearing without becoming the subject of a viral video showing them humiliated at the hands of Sen. Elizabeth Warren (D-Mass.).
On Thursday, however, one witness was pleased enough with Warren’s line of questioning that he actually applauded the Massachusetts Democrat toward the end of her remarks — a highly unusual departure from custom.
The applause comes roughly five and a half minutes into the video above. While the applauder can’t be seen, it was John H. Buhrmaster, president and CEO of the 1st National Bank of Scotia and Chairman of the Independent Community Bankers of America. The ICBA is the lobby shop for community banks.
Warren’s question called out Wall Street for an old tactic: the practice of claiming that a lobbying group is not attempting to help huge New York-based banks with global reach, but rather merely looking to give a boost to the beleaguered local banker, today’s Jimmy Stewart from “It’s A Wonderful Life.”
Read more on Huffington Post.