Senator Elizabeth Warren (D-MA) is slated to participate in an event celebrating the 10-year anniversary of the Dodd-Frank financial regulation bill. While the goal of Dodd-Frank was to both regulate Wall Street and ensure accountability for big banks, the legislation put more burden on taxpayers.
The event, also featuring former President Obama and the legislation’s namesakes, Senator Chris Dodd and Representative Barney Frank, is sponsored by Better Markets, a 501(c)3 supporting market regulation and reform of Wall Street. The group is headed by a multi-millionaire and hedge fund manager, with whom Sen. Warren is known to have a consistent working relationship with, despite her opposition to the mere existence of millionaires and billionaires. Sen. Warren would not be herself is she did not say one thing and do another, though.
The Massachusetts Democrat is not the only party guilty of hypocrisy here. The leadership of Better Markets railed against the Small Business Administration’s (SBA) Paycheck Protection Program (PPP):
"Taxpayer money is not intended for the already rich private equity sponsors, hedge fund titans and REIT managers with Park Avenue penthouses and Greenwich, Connecticut, mansions," the group’s chief executive, Dennis Kelleher, said of the program. "There is no similarity between them and the suffering of small businesses on Main Street. It's not comparing apples to apples. It’s comparing an apple to an elephant.”
While Better Markets’ chief executive criticizes the landmark relief program as benefiting the rich, which is overwhelmingly untrue, his very criticism happened on his own watch. Better Markets received a loan via PPP for between $150,000 and $300,000.
Yet again, Sen. Warren says one thing and does another, and proves that she values self-interest over the principles she claims to champion.