Bernie Sanders Drops A Truth Bomb On Wall St: Criminal Fraud Is The Big Banks’ Business Model

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Bernie Sanders reacted to the news that the big banks pled guilty to manipulating currency markets by blunting saying that fraud is the business model on Wall Street.

In a statement, Sen. Sanders pulled no punched while calling for the breakup of the big banks:

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 $5.6 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.

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 these 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.

Sen. Sanders was correct. The big banks are an enterprise that is built on criminal fraud. Their greed is out of control, and the current punishments are severely lacking. The incentive to cheat and rig markets must be taken away.

Sanders has introduced two pieces of legislation in the Senate. The first is a bill to break up the big banks. The second piece of legislation would pay for free tuition at public colleges and universities with a tax on Wall Street.

Wall Street learned the wrong lesson from the Great Recession. The big banks learned only that their crimes won’t be punished. Until the American people demand that the big banks are broken up, the rigging and illegal criminal fraud will continue.

29 Replies to “Bernie Sanders Drops A Truth Bomb On Wall St: Criminal Fraud Is The Big Banks’ Business Model”

  1. Hillary wouldn’t do anything about this because she’s taking money from the too big to fail Wall Street banks. Bernie 2016!!

  2. Now DJ, Bernie wrote another letter and Liz wrote a banking amendment that was wrong.

    John wants Bernie for President because Bernie will have no money to run a real Presidential campaign.

    It all makes sense.

    DJ, you are the one great thing about this place. You’re the only reason I stayed.

  3. Hillary Superpac irks Progressives

    http://www.cnn.com/2015/05/18/politics/hillary-clinton-super-pac-election-2016/

    Funny, obama had them and Wall Street loved him too. How come it is bad if Hillary has money for a 50 state campaign against Koch?

    Hillary’s pac had a shake up today too. Brock is back at Priorities and it is now back in loyalist hands.

    That is politics on a Presidential level. It is the real world today. Not a phony.

    It isn’t pretty. It is truth. For the win.

  4. GOPers make a big deal about Hillary’s big money. As though the GOP candidates are broke? Don’t make me laugh. As far as I’m concerned, Hillary can have as much cash as she needs to kill GOP presidential dreams.

  5. We need to nationalize the big banks and start hanging the bankers from the lampposts. Party like it’s 1789!

  6. And fraud will continue to be their standard model, until such time as the punishment is big enough for them to feel it.
    10 trillion in assets versus 176 billion? Pennies on the dollar.

  7. The problem is that Hillary is not willing to stand up to the bankers and other strong corporate interests because she wants them to contribute to her campaign. If you want the real deal you need to vote for Bernie Sanders in the primaries. Hillary will just capitulate to the demands of the powerful and the Republicans just like Obama.

  8. @Rinn, I read your post and agree with you most times but lets understand something, LIBERALS and CONSERVATIVE sites are typically two different animals, liberals typically want the TRUTH! want HONESTY, have compassion for ALL, NOT just people who look and think like them. Lighten up a little, debate is a GOOD thing! I’ve been called out on this site too, because I don’t buy ANY and EVERYTHING the democratic party does! YOU will not hear that on a conservative site! it’s ALL the same recycled talking points over and over AGAIN!! And “SOME” RIGHTIES who in their neanderthal minds know theres something NOT quite right about their bubble and that’s why so many RIGHTIES come HERE!!! unfortunately they’re too brainwashed to take RED PILL, what can you do?

  9. PT.2 I’m a strong supporter of the democratic party but I’m a bigger supporter of the TRUTH! I’m SORRY, anyone who believes the entire democratic party is working for US! then you my friend, are delusional! Lets be real, the BANKSTERS pretty much run washington! and the world!! MONEY is power! Look at the koch’s! look at sheldon adelson! these two billionaires are BUYING “OUR” supposed democracy! citizens united would NEVER exist in a healthy, SANE democratic COUNTRY! the SCOTUS, is a pathetic JOKE!! they aren’t there to rule on law! they’re MAKING law! the FOUNDING FATHERS, who RIGHTIES love to misquote, must be rolling in their graves!! this country is turning back to 15th century ENGLAND! where DUKES- EARLS- VISCOUNTS ruled the poor little serfs! the only difference between then and NOW, is 20% of our FUTURE serfs are rooting for the ruling class!! UNREAL!!

  10. I am a liberal. As the link to 538 above shows once again, Hillary is a liberal and always was. (she is not Bill, and that is obvious and always was. They differ on things, they are not Billary) and I posted proof from Statistical studies over and over just to be told by some here that she is a republican lite. For Fecks Sake. there are some dumbasses on the left and on the right. Or there are some dumbass righties pretending to support Bernie (who has zero chance unless deer in Vermont can vote) pretending to hate Hitlery because she is too right.

    In other words, stand in my shoes. As a supporter in 07 we were attacked by both sides, Obama and Rs. Here we go again.

    The left hate her for no reason. The right too. I will stick to my candidate. I want the dems to actually, you know, win.

    http://www.huffingtonpost.com/2015/05/13/clinton-progressive_n_7269788.html

    http://fivethirtyeight.com/datalab/hillary-clinton-was-liberal-hillary-clinton-is-liberal/

    many more…

  11. The Entire Democratic may not be working for all of us, but they’re still head and shoulders above what the Republicans are doing- which is: working against us.

  12. @Rinn, what can I say??? you’re absolutely 100% CORRECT!! Hilary isn’t Bill Clinton!! don’t get me wrong! I “LIKED” Bill Clinton! but unfortunately a lot of our democratic brothers and sisters stole a page from the republicans playbook! support your party NO MATTER WHAT!! I’m NOT gonna do it! WRONG is WRONG !! Bill Clinton was/ still is? A corporate democrat!! just like OBAMA!! I “LIKE” OBAMA! but he ADMITTED HIS DAMN SELF in a interview, that he’s a 1960’s style republican! but SOME liberals get upset with ME because I bring up HIS interview. I’ve ONLY seen OBAMA look really pissed ONCE!! and that was with E. Warren a week ago!! LMFAO where was all this anger when republicans was calling him everything short of NIG#ER???? WHERE?? I’ve notice OBAMA will tongue lash his own supporters before he’ll speak out on the GOP and it’s STORMFRONT supporters!!

  13. But Knight the President never claimed to be a liberal to begin with. He is a center left democrat who if I recall said to the American people I’m asking you to believe. Not in my ability to bring about real change in Washington … *I’m asking you to believe in yours.* Barack Obama

    And what happen? We didn’t vote. So in that context who is the failure?

  14. He used to let Rahm do the “mean” thing – some spokespeople were snide to the professional left…lol.

    It is a distraction (they are onboard but holding out) but it is causing her to not get the umph she needs. They keep saying she is on a fence when it is them on a fence causing a lag among donors. Read the “progressive” politico article and the GOP figures on donors.

    This is BAD- From WSJ:

    The super PAC supporting Hillary Clinton’s presidential bid is struggling to raise money and now expects to collect only about $15 million through the end of June, people familiar with the matter said Wednesday.

    The group, Priorities USA Action, is shaking up its senior staff in hopes of jump-starting a fundraising operation that, five weeks after Mrs. Clinton entered the presidential race, has garnered only about $5 million in hard commitments, two people familiar with events say. A third person said the total was $15 million when counting commitments to be paid through November …

  15. So the progressives will get on board.

    They just want to stomp their feet and make demands first.

    from the Politico piece:

    “So far, there are close to three dozen House progressives who already have endorsed Clinton.”

    “If she fails to energize progressives, it could depress turnout and hurt Democrats’ chances of eating into the GOP’s 245-seat House majority — a major priority for the party in an election year that should favor Democrats.”

    How nice of them. Sometimes I know why we are represented as a jackass. And it isn’t her loyalists, we have been on hold a long time waiting for this.

    And, btw, DJ is spot on about Obama and about why things go to hell when people do not get riled up and vote and support candidates that can win…if only they had some support among their OWN PARTY hold outs…

    The ball is in the court of the fence sitters. And time is a wastin…

    The republicans are loving this. Breitbart and company – very pleased.

  16. @DJchefron, I gave you a thumbs up but lets be REAL!! YOU heard, I heard, ANYBODY heard OBAMA speak before his election!! OBAMA gave me visions of MLK!! I’ve NEVER been brought to tears by a speaker before, he sounded like a LIBERAL!! I was wrong! DEAD WRONG , @DJchefron, I see your point, I read into his speeches WHAT! “I” wanted to believe but he sure acted the part. Now heres the REALITY!! theres NO way in HELL the WHITE power structure would let a LIBERAL become president! and a BLACK LIBERAL???? LMFAO I was dreaming of america actually becoming a democracy with justice for ALL! LOL!

  17. Laughing out loud at the new thread on bernie blasting…

    Jason said this would never happen. I told him it was given to every president.

    Read my comments on the Union thread and all the other TPP related threads.

    Does anyone here understand this was all a typical political ruse and nobody is surprised by this.

    Grandstanding lures some astray from History and Reality of what the TPA has always been to all Presidents.

    Yawn, saw this coming weeks ago. I stand by all the things I wrote and I do the “i told you all” dance.

    Even us low information Hillary voters who troll like teabaggers can predict the future when they know politics.

    Way to Kill em dead Bernie and Liz… on to more victories against your own party.

  18. The veterans of past wars, upon returning home, were given a piece of land and assistance to build a home.
    In these past wares, when they return theye are homeless or lossing their homes as they ere underwater or behind payments.

    Since the banks have tittles to so many properties that they have acquired with the help of the governemt/citizens because they were “too big to fail”.

    It would be only right to provide those (bank-held) homes to our man & women that have served in our endless wars.

  19. I am speachless. No one EVER mentions the bloated elephant in the room. It’s a PARTNERSHIP…. COLLUSION…. Why would regulator put a stop to global crime…when in fact, it is a sourse of INCOME! aS WITH THE WAR ON DRUGS….it is a profit center. The criminals pay a piece of the action to the top crime lords…. Classic fox and chicken coup senerio.

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