Elizabeth Warren, it's not you they hate. It's what you represent. You want to be an honest cop when so many before you in Washington have looked the other way and pretended that the banking industry could police itself.
I can't think of a better reason why this presidential adviser shouldn't be the new chief of an unfettered Consumer Financial Protection Bureau.
She knows where the bodies are buried -- in countless toxic forms and statements that only bank lawyers fully understand. She'll make every attempt to end the silent rip-offs and myriad shenanigans that cost consumers billions.
As the debate about Warren -- and what she stands for -- rages on, here's a look at why the banks despise the idea of her as a strong regulator:
Weak consumer regulation was the norm, but banks love the status quo
Prior to the Dodd-Frank financial reform law, which established the consumer bureau, there simply was no real consumer watchdog over banks. The Comptroller of the Currency, Federal Reserve and state regulators wrote rules, but rarely enforced them in a meaningful way to consumers. The CFPB will be the first regulator in American history that didn't answer to the banks, but to their customers. It will be a true watchdog.