Elizabeth Warren wrote to Obama demanding Mary Jo White, the head of the SEC, be fired. She wrote: “I do not make this request lightly.”  Warren has sought that the SEC require corporations to reveal their political donations. “I have tried both publicly and privately to persuade Chair White to direct the agency’s resources toward pressing matters of compelling interest to investors and the public, and toward completing those rules that Congress has required it to implement. But after years of fruitless efforts, it is clear that Chair White is set on her course. The only way to return the SEC to its intended purpose is to change its leadership.”

I know Mary Jo White and I can say, while I do not agree with Warren on much of her economic ideas, nonetheless, she is right on point here with the performance of the SEC. Mary Jo White was the head of the Justice Department in New York City when my case began. I did not know who she was. At my first bail hearing, my lawyer got the government to admit that they never bothered to call a single client. Instead, they repeated whatever the bankers alleged, and the judge in Trenton, New Jersey, was shocked.

After I won that hearing, the government never bothered to call any clients to verify anything the bank told them. Mary Jo White came up to me and was literally snarling and showing her teeth to the point where I looked at her and asked what the hell was her problem. I did not know who she was. All I knew was that she looked like she was about to bite me like some animal. My lawyer then told me who she was. It was totally unprofessional to say the least.

She did not understand anything about the transactions. In the end when they had to plead guilty and return all the funds, they were exempt from prison. It was exactly like the ending in “The Big Short.” New York bankers never go to jail.

Mary Jo White has ALWAYS protected the establishment. That is what she is there for.

The European banks are in much worse shape than their US competition. The reason being argued in Europe is that the US government imposed a ban on speculation after the financial crisis. However, that was imposed on September 19, 2008, and it ended on October 9, 2008. But some Europeans claim that is why US banks survived and want to outlaw short selling on banks stocks in Europe. The problem with this proposal running around behind the curtain is that Brussels would lead, not to short selling, but wholesale liquidation. They would have to suspend all trading, period. The problem is that it would not last for more than one month, as was the case in the United States. This would only destroy confidence in Europe altogether.