January 25, 2017

Hypocrisy Alert: Elizabeth Warren Uses Loophole To Hide $1.3 Million Line Of Credit

Senator Elizabeth Warren (D-MA) likes to grandstand about the financial transparency of Cabinet nominees. Yet an explosive report by the Washington Free Beacon shows that Warren’s own finances are quite opaque. According to the Free Beacon, Warren has taken advantage of a reporting loophole to keep a $1.3 million line of credit hidden:

“Warren argued that financial disclosures are needed to ‘reveal potentially damaging information that may undermine fitness to serve’ and that nominees with ‘complex financial histories’ need to be ‘forthcoming and transparent.’ Warren, meanwhile, continues to skirt congressional ethics laws by failing to include a $1.3 million line of credit against her Cambridge, Massachusetts, home on financial disclosure forms.”

Without disclosure, Massachusetts voters have an incomplete picture of Warren’s finances. As this new story explains, Warren’s lack of disclosure hides the “exact terms” of Warren’s deal with Bank of America:

“The Warren aide said that the senator had yet to borrow on the line of credit, which allowed her to leave it off disclosure forms. The exact terms of Warren’s deal with Bank of America such as her interest rate remain a mystery due to the lack of disclosure.”

These new developments, come on the same day that The Hill details the close ties that Warren has develop with Minority Leader Chuck Schumer. This is the same Senator Schumer who Forbesonce called the “king of cash from the financial sector.” Warren’s close ties to the senator Wall Street loves is just the latest sign that Warren has gone native in DC.

This week, a WBUR poll showed that Warren is vulnerable in 2018. Yet between Warren’s secret line of credit and her close ties to Wall Street’s favorite Senator, Warren might want to start planning for a primary too.