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

[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

[think]

1. Bernie is spot on

[hifiguy]

2. It absolutely is.

Bribery, theft, every kind of fraud imaginable - especially securities fraud, loan-sharking, you name the criminal activity and the banksters are in it up to their chins.

The best way to rob a bank is to own one,

[dixiegrrrrl]

3. I am starting to worry for him.

Way too much money involved for the banks and etc to ignore him.

[hifiguy]

4. In all seriousness, I would stay the hell out of small planes

if I were Bernie,

[BrotherIvan]

6. And get some security

These fuckers won't let a dime come out of their fat pockets. He needs to be very careful. Especially if he starts making headway.

[arcane1]

8. He names names too. Few have the guts to do that.

[L0oniX]

5. Oh well ...they will have to cut back on those $250,000 speeches.

[FlatBaroque]

7. Why would they cut down on paying 250,000 for a speech

As we can see the evidence suggests that it is a terrific investment.