Bernie Sanders has never been a fan of big banking but now he has even more ammo to use against these long standing financial insinuations. Five big banking corporations must pay more than $5 billion in restitution and have also plead guilty to several crimes. Banks such as JP Morgan Chase and Citigroup were found guilty of manipulating interest rates and currency exchanges in order to increase profits, exactly the kind of activity which led to America’s great recession.
Sanders has been advocating for the destruction of the big banking system for decades and claims the banks are at the heart of our financial problems as a country, and as a world in our new global economy. And even though the banks have yet again plead guilty to serious crimes against the American public, no one is really being held accountable. Sure, they have to pay billions of dollars in fines but no one is losing their job or going to prison, which is where most people go when they commit these sort of crimes.
As a presidential candidate and long time Senator, Sanders is using his position of power to speak out against the big banks saying, “Today, the six largest financial institutions have nearly $10 trillion in assets, equal to nearly 60 percent of our gross domestic product. Madison Street Capital recently alerted the folks at manta.com that 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.”