22 May 2015

Bernie Sanders: "Too Big To Fail Banks Are Too Big To Exist”

Remember seven years ago when the big banks were begging us for a bailout which President Bush eventually signed off on, to the tune of $700 billion? Senator Bernie Sanders remembers, and after six big banks just admitted to manipulating lending and foreign exchange rates, he wants the largest of the financial institutions to be broken up.

Despite the inevitable opposition in Congress to do anything about fraudulent activity in the financial sector, allowing the big banks to rip off consumers and only pay a fine when they get caught is a practice that has to be stopped.
In a press release yesterday, Senator Bernie Sanders called for the largest banks to be split up in light of the recent news:
“Today, the six largest financial institutions have nearly $10 trillion in assets, equal to nearly 60 percent of our gross domestic product. They control more than two-thirds of the credit card market and one-third of the mortgages.  These huge institutions are not only involved in fraudulent activities, they have grown even larger and more powerful since the Wall Street crash of 2008.  They are not only an ongoing threat to taxpayers, but a burden on our entire economy.
“In my view, the only effective way of dealing with theses enormous financial institutions is to break them up.  Today’s news is just another example of why these too big to fail banks are too big to exist.” (Source)
Imagine if a working class person like you or I had done something remotely like what these banks have been doing? Remember the movie “Office Space” where Peter Gibbons and his friends find a way to round off fractions of pennies from the company’s financial transactions, only to end up with $350,000 almost immediately? That was a fictional story, but just think of the kind of jail time they would have faced had it been real, and the building hadn’t burned down just in time to save them?

Six banks, $5.8 billion in fines. That’s a lot of money to you or me, but that’s pocket change to these banks who see these fines as part of the price of doing business. To make up for these small losses, they’ll just pass on the price to customers and not a single executive or trader will see the inside of a jail cell. Even on that rare occasion when someone from the financial sector does end up in prison for fraud, they end up with a short sentence in a minimum security prison. Bernie Madoffwill spend the rest of his life in prison, but that’s probably only because he scammed a bunch of rich people and celebrities, and even then, his bookkeeper got zero jail time despite having been in charge of his records for decades.

2 comments:

  1. Hey Bernie, cash to buy the vote counts of Diebold voting machines, is what the winner will need.
    "It matters not who votes, it only matters who counts the votes" Joseph Stalin

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  2. you notice that mr sanders never mentions that from a partial audit of tarp, the banks were given 32 trillion dollars, supposedly because poor people lied on mortgage applications. when in 2005 there was a grand total of 11 trillion dollars in real estate in the us, but according to experts it was all poor peoples fault, not mr sanders and washington, who were fully advised about what was happening. including the fascists in fair clothing paul and his treasonous son. selling infrastructure to multi national corporations is no better than dc controlling it. everyone is still screwed

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