Warren’s speech was an indictment not only of the financial institutions that “have fought to delay and hamstring the implementation of financial reform,” after “exploiting consumers, larding their books with excessive risk, and making bad bets,” but also of the regulators and lawmakers—many from her own party—who are refusing to hold the financial sector to account.

Stanford economist Anat Admati in a new book argues with Warren that banks should fund their investments by selling a lot more stock and borrowing a lot less, especially in the form of run-prone short-term debt, as most other companies do.   Elizabeth Warren on Banks Free Pass