MA Senate Race Battle Between Wall Street's Favorite Senator And Wall Street's Toughest Critic


Rachel Maddow took a look at Scott Brown's record since entering the Senate where he has been called one of Wall Street's favorite Congressmen and for good reason. As she reminded us, Brown's contribution to the Wall Street regulatory overhaul was to make sure that the $19 billion it cost to pay for additional oversight was going to be dumped on the tax payers instead of the financial institutions footing the bill. And now he's got donations flooding in from New York even though he's running for office in Massachusetts.

And of course the other reason Wall Street is opening their wallets for Brown is because he's the only thing standing between Elizabeth Warren and the United States Senate.

Elizabeth Warren called for Jamie Dimon to resign from the New York Fed this week:

Elizabeth Warren called on JPMorgan Chase CEO Jamie Dimon to resign from his post on the Federal Reserve Bank of New York's board, citing the need for "responsibility and accountability" in the financial industry.

Dimon, who disclosed a $2 billion loss by the banking giant last week, should "send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability," Warren said in a statement following Dimon's Sunday appearance on "Meet the Press."

During that interview, Dimon said he "absolutely" believed that the enormous loss would give regulators more ammunition against the banks. Warren latched onto that comment, stating that Dimon's place on the board of directors gave him the power to advise the New York Fed on "management oversight and policy," creating what the Massachusetts Democrat feels is a clear conflict of interest.

"We need to stop the cycle of bankers taking on risky activities, getting bailed out by the taxpayers, then using their army of lobbyists to water down regulations," Warren said. "We need a tough cop on the beat so that no one steals your purse on Main Street or your pension on Wall Street."

You can watch her interview with Rachel below the fold.


Don't forget you can donate to Warren's campaign at our Act Blue page here.


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