POLITICO: … Warren, a Massachusetts Democrat, came out blazing Thursday in her first high-profile appearance as a member of the Senate Banking Committee, ripping into regulators and starkly suggesting banks might be cooking their books.
Her performance struck immediate fear into some of the loftiest corner offices on Wall Street and lobby shops on K Street. Bankers in New York and Washington called her portrayal of the industry deeply unfair and said it did not account for the many tests applied in recent years…
“Most big corporations trade well above book value,” Warren said, referring to the measure of a company’s assets minus liabilities. “But many of the Wall Street banks right now are trading below book value. And I can only think of two reasons why that would be so. One would be because nobody believes that the banks’ books are honest, or the second would be that no one believes that the banks are really manageable.”… (more)
EDITOR: It looks like was have a new sheriff on Wall Street also.
