Elizabeth Warren’s silence was Fidelity’s (the mutual fund giant) gain

Warren cc

Photo: Tim Pierce 

Ms. Warren is the darling of many who think that if there was just more government activism all the world could be set right. That if just more people like the doe eyed wonder from Harvard were to get into Congress, and imagine, the presidency, we could finally settle some scores with Wall Street.*

Don’t count on it folks.

(From The Boston Globe)

As the lobbying battle dragged on into 2014, Warren and Ed Markey — now both representing Massachusetts in the Senate — objected, through their staffs, to proposals that Fidelity didn’t like. They didn’t cite industry complaints; they cited concerns of local politicians. A compromise was reached, which, according to Rowland’s reporting, favored the mutual fund industry.

In a statement to the Globe, Warren’s office said the SEC rules were “an important first step” and stressed a need to “balance the risks that money market funds can pose to the economy against the need to maintain money market funds as an important investment alternative.”

Compromise is not a crime. It’s a natural part of politics. But when compromise comes down on the side of powerful financial interests, that’s exactly the kind of politics Warren is said to be fighting.

Click here for the article.

*There is no – I repeat no – getting the finance sector in line without abolishing the Federal Reserve. Ms. Warren appears to have no interest in that and that is a reflection of either ignorance or complicity.

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