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Sherrod Brown Goes After the Big Banks. He is introducing legislation, co-sponsored by GOP Senator David Vitter, to break up the half-dozen mega-banks, setting a hard cap on their size.
(The Nation) - In olden days, it used to be that the bad guys robbed the banks. Now it seems the bad guys are running the banks, at least the big ones, and robbing the rest of us. Nearly every day, newspapers have another disturbing report about how the largest and most influential banks managed to escape prosecution for their blatant fraud or else finagled outrageous subsidies and profits from their monopolistic dominance of the financial system. The worst that happens to privileged bankers who are “too big to fail” is an occasional scolding lecture from angry members of Congress.
Great gesture, I wonder if it will actually go anywhere.
Bernie Sanders - 'If an institution is too big to fail, it is too big to exist'
(commondreams.org) - U.S. Sen. Bernie Sanders (I-Vt.) said today he will introduce legislation to break up banks that have grown so big that the Justice Department has not pursued prosecutions for fear an indictment would harm the financial system.
The 10 largest banks in the United States are bigger now than before a taxpayer bailout following the 2008 financial crisis. At the time Congress, over Sanders’ objection, approved a $700 billion bank rescue because of concerns by some that the financial institutions were too big to fail. Another $16 trillion from the Federal Reserve propped up financial institutions.
Attorney General Eric H. Holder Jr. now says the Justice Department may not pursue criminal cases against big banks because filing charges could “have a negative impact on the national economy, perhaps even the world economy.”
“In other words,” Sanders said, “we have a situation now where Wall Street banks are not only too big to fail, they are too big to jail. That is unacceptable and that has got to change because America is based on a system of law and justice.”
This is a step in the right direction. I just hope actually it goes somewhere.
We need to make the Fat Cats Bleed NOW!!
Over 1,000 cities in the world are completely upset at the banks that horde money and leave average working and poor people footing the bill. In order to bring a real message to the big banks we must withdraw our money out of the banks and go with more local banks or credit unions. The Time is Now. Thats how you send a Big Message that the 99% are for real.