THE BLOG

It's Time for Congress to Investigate the Banks

03/18/2010 05:12 am ET | Updated May 25, 2011

 

Do we really think a few new laws will be enough to stop big banks and Wall Street from creating the next economic crash?
Yes, we need to pass new safeguards like the Consumer Financial Protection Agency and we need to take on too big to fail and outrageous executive compensation—but it’s not enough.
Today I addressed a crowd of more than 5,000 people outside the American Bankers Association convention in Chicago. I told them that we need to think bigger and bolder if we are really going to transform our economy.
We need to break the power that big banks and corporations have on our economy. They have spent decades rigging a system so that no matter what they do, they will always win at our expense.
So what do we do about it? We can begin by making sure that the architects of our current economic crisis are investigated, and if necessary, prosecuted for crashing our economy.
And who exactly are the architects of this crisis? Well, by now they’ve become household names—Goldman Sachs CEO Lloyd Blankfein, JPMorgan Chase CEO Jamie Dimon, Bank of America CEO Ken Lewis, Wells Fargo CEO John Stumpf, and the list goes on.
These are the guys who spent years working to take our economy hostage, these are the guys who created the mortgage crisis, these are the guys who mastered credit default swaps and derivates, and these are the guys who will invent the next scheme to crash our economy and rob taxpayers of our hard earned money if we don’t stop them.
The bankers have left Chicago with their marching orders and we have our own. The massive mobilizations we witnessed this week will continue in cities across our country until Congress puts the banks on trial and investigates exactly how we got to where we are today.
Pick up the phone or send an email and tell Congress to call the bankers in for an investigation into their efforts to crash our economy.

Do we really think a few new laws will be enough to stop big banks and Wall Street from creating the next economic crash?

Yes, we need to pass new safeguards like the Consumer Financial Protection Agency and we need to take on too big to fail and outrageous executive compensation - but it's not enough.

Today I addressed a crowd of more than 5,000 people outside the American Bankers Association convention in Chicago. I told them that we need to think bigger and bolder if we are really going to transform our economy.

We need to break the power that big banks and corporations have on our economy. They have spent decades rigging a system so that no matter what they do, they will always win at our expense.

So what do we do about it? We can begin by making sure that the architects of our current economic crisis are investigated, and if necessary, prosecuted for crashing our economy.

And who exactly are the architects of this crisis? Well, by now they've become household names - Goldman Sachs CEO Lloyd Blankfein, JPMorgan Chase CEO Jamie Dimon, Bank of America CEO Ken Lewis, Wells Fargo CEO John Stumpf, and the list goes on.

These are the guys who spent years working to take our economy hostage, these are the guys who created the mortgage crisis, these are the guys who mastered credit default swaps and derivates, and these are the guys who will invent the next scheme to crash our economy and rob taxpayers of our hard earned money if we don't stop them.

The bankers have left Chicago with their marching orders and we have our own. The massive mobilizations we witnessed this week will continue in cities across our country until Congress puts the banks on trial and investigates exactly how we got to where we are today.

Pick up the phone or send an email and tell Congress to call the bankers in for an investigation into their efforts to crash our economy.