They day Elizabeth Warren sought out and received the endorsement of a predatory lender – Massachusetts Governor Deval Patrick – is the day she gave up any moral authority to talk about predatory lending, or people making a profit over lending. Yet she’s doing it again.
US Senator Elizabeth Warren blasted government profits on student loans in a speech at Suffolk University’s Law School on Saturday, firing up a crowd of law students, education researchers, and financial specialists.
Deval Patrick was brought on to deflect criticism of one of the worst actors in the sub-prime mortgage space, ACC Capital and their Ameriquest division. Patrick, the former top civil rights attorney at the Justice Department, helped Ameriquest navigate through a settlement which – amongst other things “stopped” Ameriquest from giving predatory loans. Of course it didn’t stop ACC, who still had sub-prime and predatory loans after the agreement.
Deval Patrick then told his friend, then Senator Barack Obama, that Roland Arnall, the founder of ACC, was a “good guy” and had changed. This caused Obama to vote for Arnall as an ambassador.
Never mind that Deval Patrick then called Citi Corp on behalf of the Arnalls to help close the sale of ACC assets to Citi. Those assets are credited, by some, with helping to cause the financial crisis of 2008 and almost destroyed Citi.
Despite all of this, Elizabeth Warren campaigned with this sub-prime banker in 2012. For that reason and that reason alone, associating with sub-prime bankers when she needed their help – she has absolutely no moral authority to speak about financial misdeeds ever again. Because she’s a hypocrite.