“Break the Banks up!”
In a letter to Senate leaders Reid and McConnell, 36 financial experts, former regulators, and business professors wrote that the current financial reform does not go far enough towards reform.
This letter comes just days after JP Morgan Chase CEO Jamie Dimon gave an interview to German mass circulation Sunday paper Welt am Sonntag. In the interview, Dimon attempted to intimidate Congress into weakening forthcoming financial regulations.
“When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets,” Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag.
“The question is, is that what regulators want?,” said Dimon who heads the second-largest U.S. bank.[…]
In the German interview, he also said the banking industry could do with more influence on politicians.
As I contemplated where Dimon and the other mega-banks would go to find these “non-regulated markets,” I found it difficult to find one, except perhaps in the third world country. Somehow, I can’t imagine Dimon or Blankfein happily living in…um, I can’t think of any country where they would be less regulated without having to deal with government corruption, personal security threats, and massive crime.
As far as the banking industry having more influence on politicians, maybe he hasn’t looked around lately. Or maybe he’s a great deal dumber than previously thought. This year – right now – the banking industry has 1,500 lobbyists (or 30 lobbyists per Senator) on Capitol Hill, attempting to influence politicians into further watering down already fairly weak legislation.
I think the banking industry already has plenty of influence on politicians. The American people could do with a little less banking industry influence.
Join me in creating a citizens campaign to counter Mr. Dimon and create effective, strong financial regulations that will prevent another economic crisis, or another fraud such as SEC suit against Goldman Sach’s, or ratings agencies marking junk as AAA. Download this letter and send it to everyone you know. Gather signatures for this or another, stonger letter and send it to the Senate Leadership. Save our economy and our country from the Wall St. predators.
As Jessie of Jessie’s CafeAmerican wrote,
Break the Banks up, and put them to the traditional task of allocating capital to commercial markets. If the US will not reform the financial system, ban them from any banking activities in your region.