Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement in response to General Electric’s (GE) decision to sell off most of GE Capital:
“While not as well-known to the public as the bailouts for Wall Street’s biggest banks, GE also had to be supported by the taxpayers in 2008 and has remained a dangerous too-big-to-fail firm. That is why FSOC properly designated it as systemically significant and why it was subjected to increased regulation. GE’s decision today shows that some of the financial reform measures regulators have taken are working: firms that threaten America’s financial system – like Wall Street’s too-big-to-fail banks – have to be made to bear the costs of their risky business so taxpayers don’t have to pay the bill when their risks explode like in 2008.”
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com.