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- "A regulator doesn't say to a big financial institution: 'Hey! Step right up here. Get your toes on the line, and so long as you can make a legal argument that you have not crossed the line then, hey, we're — we're all cool here,' " she says. "That's not the way regulation of large financial institutions is supposed to work — they're supposed to be using judgment. And remember, part of this judgment is about whether or not there has been compliance with the law. The fact that Goldman could mount a legal defense here is not really the point of these tapes. The point of these tapes is that the regulators are backing off long before anyone's in court making a legal argument about whether or not they came right up to the line or they crossed over the line."
The bottom line, Warren says, is that the United States needs regulators "who understand that they work for the American people, not for the big banks."