The Dark Money Behind the Elizabeth Warren “Commie” Ad

By Pam Martens and Russ Martens

The Consumer Financial Protection Bureau (CFPB), the federal agency created after the 2008 crash to protect the little guy from Wall Street predators, which has done a top-flight job of it, was portrayed as a commie organization in a advertisement that ran repeatedly during the Republican Presidential debate on November 10. To enhance the communist theme of the ad (see full video below) giant banners of CFPB Director, Richard Cordray, and Senator Elizabeth Warren, who pushed for the creation of the agency, hang on the wall in a nod to Soviet dictators.

The advertisement is grossly misleading, overtly suggesting that the job of the CFPB is to deny car loans and mortgages to regular folks seeking credit. The agency, in fact, has absolutely nothing to do with approving credit applications. Its job is to root out and punish financial institutions that are ripping off customers. For example, in July of this year, the serial looter, Citigroup, was ordered by the CFPB to reimburse an estimated $700 million to 7 million of its credit card customers for deceptive marketing and billing for services that were never provided. The agency has also recently gone after student loan and mortgage servicers for ripping off borrowers with excessive fees and unwarranted interest payments.