Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following news reports that Wall Street’s biggest banks that caused the 2008 financial crisis are threatening to stop campaign contributions to elected officials who are working to protect Americans’ jobs, homes, savings, retirement and the economy from another financial crash:
“Wall Street’s biggest banks only exist today because US taxpayers bailed them out when their recklessness caused the 2008 financial crash, which caused massive economic wreckage for tens of millions of Americans. Wall Street’s banks have never taken responsibility for that or been held accountable. In fact, Wall Street got bailed out and bonuses, while America’s families and communities got the bill. But, that’s still not enough for Wall Street, which continues to try to kill financial reform designed to prevent them from crashing the financial system again.
Now they are reportedly trying to intimidate elected officials who are doing their job protecting the American people by making the banking system more safe and Wall Street less dangerous. Polls show that the American people know how dangerous Wall Street’s biggest banks are. Elected officials need to stand up to Wall Street, reject their threats, and continue to fight to make the banking system safe again and working for the real economy and all Americans.”
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.