Elizabeth Warren

'Too big to fail' is upon us now in a much larger sense.

We have argued for repeating the stress tests and extending them past the 19 largest financial institutions.

We have pushed for a long time for more transparency, more accountability, more clarity on goals.

I am pushing to say we could do more, and as a leader in the TARP program that has made this $50 billion commitment, I am asking you to do more.

Treasury's failure to adopt these recommendations in my view has been one of the great failings of the past year.

From the outset, it was obvious that a system so large would need very careful oversight.

Taxpayer dollars must never be used again to prop up failing companies that are then allowed to profit at taxpayer expense.

Foreclosure should be the last option after everything else fails.

The fact that a lender can throw a family out of their home is a necessary part of a system of lending, but it is also an act of emotional violence and economic destruction.

The continuously escalating mortgage foreclosure crisis threatens to overwhelm the entire effort to stabilize our financial system in the interest of broader economic recovery.

Public policy should be about minimizing foreclosures for the same reasons it should be about minimizing child abuse or protecting the public health or educating our children.

So do we have, in effect--the question I am asking--do we have a pre-guarantee out there?

Is there anyone in America who does not believe that the American Government will rush back in and support the money markets?

AIG had people holding credit default swaps, and they took no haircut at all.

Well, maybe I should ask it with more specificity. Was Treasury aware of who the counterparties were that were going to receive payment in full on the credit default swaps when $170 billion went to AIG?

So AIG has received about $70 billion in TARP money, about $100 billion in loans from the Fed. Do you know where the money went?

Taxpayers question what TARP accomplished when, on an individual level, their financial circumstances seem more precarious than ever.

I just want to know, are we more at risk on the question of concentration than we were a year ago?

In granting Treasury such enormous discretion with TARP money, Congress expected an equal measure of transparency and accountability.

They ended up with money from the Federal Government 100 cents on the dollar, and I am trying to understand why those two are different from each other.

I will take yes for an answer.

I am going to have to stop you there, Congressman. I am going to be disciplined about time.

Do you know if they spoke with any of the counterparties?

The creditors of Chrysler and GM received more than they would have received had the Government not stepped in.

The cooperation and support of the UAW is essential to the ability of the reorganized companies to succeed.