Elizabeth Warren is no friend of Citibank’s.
The populist Massachusetts Senator, who has made post-crisis financial regulation a cause célèbre, often points toward the banking behemoth when denouncing what she calls the Wall Street — Washington “revolving door.”
So it’s probably no surprise that Citigroup has started monitoring the Senator’s every move.
That’s according to Fox Business’ Charlie Gasparino, who reports that Citigroup’s marketing department is now keeping track of Warren’s speeches and comments, especially as they pertain to bank regulation.
One executive told Gasparino that even CEO Michael Corbat is concerned about Warren’s offensives.
“There is danger anytime the key economic positions in our government fall under the control of a single tight-knit group,” Warren wrote in April 2014, referring to the “Citigroup Clique” of former bank executives who went on to work in government, including Fed vice-chair Stanley Fischer, Treasury Secretary Jack Lew, former Robert Rubin, and others.
Now, more and more populist groups are calling on the Senator to run for president. Meanwhile, Citigroup and other Wall Street banks are considering witholding campaign donations to Senate Democrats if she doesn’t back off on her anti-bank rhetoric.
Earlier this month, there was speculation that if Citigroup, which received hundreds of billions of dollars in government assistance after the financial crisis, failed this year’s Federal Reserve stress test, the bank could be broken up. It passed the test in March, after having failed in 2014.
But it’s no wonder the bank continues to worry about Warren:
“There’s a lot of talk coming from Citigroup about how the Dodd-Frank Act isn’t perfect,” she told the Senate floor in December. “So let me say this to anyone who is listening at Citi: I agree with you. Dodd-Frank isn’t perfect. It should have broken you into pieces.”
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