Elizabeth Warren: Stress Tests Need To Be Transparent Or They're Worthless

Elizabeth Warren: Stress Tests Need To Be Transparent Or They're Worthless
...
"If we don't see the details of the stress test, if we don't see the complete details of the stress test, there's a real possibility no one buys any of the outcomes," said Warren, who chairs the Congressional Oversight Panel, monitoring the Troubled Asset Relief Program. "And [if no one buys the results] then we are where we are today. We are in the same place that we are without the information from the stress tests."

In an interview with the Huffington Post, the Harvard Law School Professor laid down four markers for a stable and sufficient recovery, offered support for the prosecution of individuals proven to have committed crimes that contributed to the economic downturn, and criticized bank executives for their rising compensation levels. She also insisted that if Goldman Sachs wanted to pay back the bailout funds it received to get out from under government restrictions, it should have to return all funds, including guarantees and money it receives as a counterparty to AIG.
...
"I think there's a fundamental disconnect between bankers who think its business as usual and the public that believes that when banks use hundreds of billions of taxpayer dollars things should change," she said. "A lot of the people wanted to dismiss the consumer anger over AIG and say 'Oh it's just about a tiny little slice, it doesn't matter.'... And I think its much bigger than compensation, I think its much more powerful. I think many, many people have not yet grasped this, many of the experts, the so-called experts, have not grasped the significance [of this]." ...