Warren: ‘I fully understand’ global banking system

Sen. Elizabeth Warren (D-Mass.) is pushing back at criticism she doesn’t completely comprehend global finance, saying banks might even like it better that way.

{mosads}“The problem is not that I don’t fully understand the global banking system,” Warren said during an interview with The Huffington Post’s “So That Happened,” which aired on Thursday night.

“The problem for these guys is that I fully understand the system, and I understand how they make their money,” she said. “And that’s what they don’t like about me.”

Warren was striking back against JPMorgan Chase CEO Jamie Dimon for comments he made about her financial knowledge earlier this week.

“I don’t know if she fully understands the global banking system,” Dimon said on Wednesday during an event in Chicago.

Warren also doubled down on her recent criticism of the proposed Trans-Pacific Partnership (TPP) trade agreement.

“Look, I believe that TPP could give too much to multinational corporations and not be a good deal for America’s working families,” she said.

“This is not personal; I have gone back and forth with the president over what I believe are the risks associated with this deal,” Warren added of her disagreements with President Obama over the deal’s details.

“I don’t doubt President Obama’s sincerity when he claims that this trade deal is going to be tough, that it is going to have unprecedented protections for workers or for the environment,” she said.

“The problem is that we have heard narrow promises from trade agreements for more than 20 years, from President Clinton, from President Bush and from President Obama himself,” Warren added.

She further argued on Thursday that federal regulators could do a better job keeping up with new practices in the banking world.

“When you do regulations that wait until, you know, the bank invents something else in order to trick people or to take on more risk and shift it over to the taxpayers, and regulators are always two steps behind trying to figure it out, that one is a tough approach,” she said.

The Massachusetts lawmaker argued, a problem is how Wall Street approaches its maneuvers within the financial system.

“If you want to go out there and take on risks, OK, go out there and do it, but don’t do it within the structure of a bank that gets backed up by the federal government,” she said.