FOR IMMEDIATE RELEASE
Friday, September 13, 2019
Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with the release of a “Presentation on the State of Financial Reform on the Anniversary of the Crash of Lehman Brothers”:
“The Wall Street investment bank, Lehman Brothers, collapsed into the largest bankruptcy in US history on September 15th eleven years ago. That ignited the 2008 Wall Street crash, which was the worst since the Great Crash of 1929, and caused the worst economy since the Great Depression of the 1930s.
“Following Lehman’s collapse, every significant Wall Street financial institution received billions of dollars in direct taxpayer bailouts and trillions of dollars in government support to prevent them from suffering the same fate as Lehman. This is true even for those who have steadfastly, but falsely, denied it like Goldman Sachs, as proved in an email from September 20, 2008.
“Wall Street was bailed out, but Main Street got the bill, which included sky-high unemployment and foreclosures while savings, retirements, educations and so much more were lost. That economic catastrophe has also had dire and ongoing social and political consequences.
“Fixing those profound problems are critical, but that requires getting our economy back on track and avoiding another financial crash. That, in turn, requires financial reform to work and that is why Better Markets is releasing a “Presentation on the State of Financial Reform on the Anniversary of the Crash of Lehman Brothers.” The Presentation details the two phases of financial reform; why it’s so important to avoid crashes; and what can be done to help avoid crashes and get Wall Street to serve Main Street, not threaten it.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.