VIDEO: Bernie Sanders Writes Law to Break Them Up: 10 Largest Banks Bigger Now Than Before Taxpayer Bailout

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banks too big to prosecute sanders v holder

Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

As Sen. Bernie Sanders (I-Vermont)  charges in a news release issued from his Senate office:

The 10 largest banks in the United States are bigger now than before a taxpayer bailout following the 2008 financial crisis when the Federal Reserve propped up financial institutions with $16 trillion in near zero-interest loans and Congress approved a $700 billion rescue for banks that some considered “too big to fail.” 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.”

“We have a situation now where Wall Street banks are not only too big to fail, they are too big to jail,” Sanders said. “That is unacceptable and that has got to change because America is based on a system of law and justice.”

[...]

As a result of this Obama administration economic injustice and the threat that letting the same rip-off artists who caused the American economy to collapse continue to run even bigger banks and financial entities, Sanders and his staff penned a bill. It's a short piece of legislation that gets right to the point in Section 3:

Notwithstanding any other provision of law, beginning 1 year after the date of enactment of this Act, the Secretary of the Treasury shall break up entities include on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout.

[...]

If you want your dose of restoring economic accountability and justice to America, watch the Sanders/Sherman news conference on the law that would break up the too big to fail banks, [in the video above].

Please read the entire post here.

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  • http://twitter.com/SteelCowboy44 Steel Cowboy

    Mr. Holder, You are not performing your duties as USAG and should resign. You are not only letting the country down, but showing your true colors as one of Wall Street's protectors. European countries let their banks fail and are the better for it..

  • pigboy

    The whole "too big to fail" should be "too big to be broken up".

    I mean these mega banks have policies that are guaranteed to fail.

    Instead banks being "to big to fail" it is consumers who are failing because mega banks are not to big to fail those they are supposed to serve.

    We are propping up mega banks that are designed to fail consumers on an regular basis. What makes these banks prosper is the fact that they fail to serve their customers.

    They are "too big" to stay in business.