Bernie Sanders to Banks: It’s Time to Break Up

[cali]

By Sophia Yan | May 11, 2012 4:04 PM EDT |
Posted in Capitol Hill, Politics


Washington’s anti-Wall Street crowd just got really, really lucky.

JPMorgan Chase & Co.’s announcement yesterday of a $2 billion trading loss from a steep bet it made is giving congressmen like Senator Bernie Sanders a renewed boost in their crusade against big banks.

Sanders is taking JPMorgan’s slipup to “reaffirm” his view to Americans that the six largest banks in the U.S. must be split up to help prevent another massive bailout. That’s something Sanders thinks really could happen with the financial industry, which he has called “the most powerful, dangerous and secretive” in the U.S.

Assets from those banks — Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, Wells Fargo, and JPMorgan — are equal to two-thirds U.S. GDP, he says. And with such deep pockets, they ought to “be investing in the productive economy creating jobs and improving our standard of living,” Sanders says.

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http://go.bloomberg.com/political-economy/2012-05-11/bernie-sanders-to-banks-its-time-to-break-up/

[Egalitarian Thug]

1. K&R. They're forecast to lose another billion tomorrow, too. This matters. n/t

[abelenkpe]

4. Whaaaaat?! Nt

[Egalitarian Thug]

6. Back in town now, sorry for the delayed reply. Yes, Dimon confirmed it earlier

(you had to listen closely as he jammed it into another another reply and it was ignored) on MTP.

[IamK]

2. sanders?

I'll get slammed for this but has Bernie Sanders actually done anything other than complain about stuff?

[cali]

3. yes.

for instance, it was bernie who got hundreds of billions for Health Care Centers written into the ACA. He's extremely adept at negotiating the ins and outs of legislation and he works with anyone who will help further those issues he advocates for. He was known while in the House for getting a lot of legislation passed via the amendment process.

Now you know.

[abelenkpe]

5. They should already have been broken up. Nt

[malaise]

7. That alone won't work

Bring back Glass-Steagall