After 5 Big Banks Plead Guilty to Crimes, Sanders Says Wall Street Business Model is Fraud [View all]

[Dem2]

WASHINGTON, May 20 – Sen. Bernie Sanders (I-Vt.) issued the following statement today after five big banks agreed to pay more than $5 billion and plead guilty to crimes:

“Despite weak financial regulatory systems around the world, it seems that every week we hear about another multi-billion scandal involving a major financial institution. Today, we learn that JP Morgan Chase, Citigroup and other huge banks were fined $5 billion for rigging interest rates and manipulating currency exchanges. Sadly, this is just the tip of the iceberg. Since 2009, huge financial institutions have paid $176 billion in fines and settlement payments for fraudulent and unscrupulous activities. The reality is that seven years after too-big-to-fail banks crashed the economy, fraud still appears to be the business model on Wall Street.

...

http://www.sanders.senate.gov/newsroom/press-releases/after-5-big-banks-plead-guilty-to-crimes-sanders-says-wall-street-business-model-is-fraud