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October 21, 2015

Fortune: President Bernie Sanders: Bad for bankers, perhaps not so bad for banks

“One year ago, the idea of a Bernie Sanders presidency was laughable. Hillary Clinton may not be the perfect candidate, the thinking it went, but there was no way Democrats would vote for a septuagenarian, democratic-socialist, Independent Senator from Vermont; one who honeymooned in the Soviet Union and offered support for the socialist Sandinistas in Nicaragua in the 1980s. There was no way that guy had any chance to be president, right?”

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“If there’s one group that is likely shaking at the thought of a President Sanders, it’s the financial sector.

“The biggest impact would be Jamie Dimon’s and Lloyd Blankfein’s bonus,” said Dennis Kelleher, founder of non-partisan advocacy group Better Markets. “And that is not a net loss to the country.”

“Kelleher points out that Sanders’ plan for Wall Street regulation isn’t particularly detailed, at least compared to those put forward by Clinton and Martin O’Malley.”

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Read the full Fortune article by Ben Geier here.

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