It’s an odd question, we know – especially ahead of today’s Stress Tests, but given today’s testimony on assessing the bank secrecy act, apparent trouble-maker Elizabeth Warren pokes and prods (correctly we would add) at the surreality that exists between the Department of Justice, The Treasury, and the financial system. David Cohen, Tom Curry, and Jerome Powell dodged bullets and blame, “does that mean essentially we have a prosecution-free zone for large banks in America?” But Warren wasn’t going to be fobbed off with useless banter as she pointed out, “if you’re caught with an ounce of cocaine, the chances are good you’re going to go to jail… for the rest of your life. But evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night – I think that’s fundamentally wrong.” Indeed Ms. Warren.
Here is the transcript – note the Treasury officials never actually answer anything…
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