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Posted on Sustainabilitank.info on September 14th, 2015
by Pincas Jawetz (pj@sustainabilitank.info)

From US Senator Bernie Sanders:

Dear Friend,
It’s time to break up the banks.

THIS IS ABOUT GOLDMAN SACHS and similar Extra-Large FINANCIAL INSTITUTIONS.

The greed, recklessness, and illegal behavior on Wall Street drove this country into the worst recession since the Great Depression. Their casino-style gambling has helped divert 99 percent of all new income to the top one percent. And it has contributed to the most unequal level of wealth and income distribution of any major country on earth.


In the midst of all of this grotesque inequality sits a handful of financial institutions that are still so large, the failure of any one would cause catastrophic risk to millions of Americans and send the world economy into crisis.

If it’s too big to fail, it’s too big to exist. That’s the bottom line.

I introduced legislation in Congress that would break up banks that are too big to fail.


Banking should be boring. It shouldn’t be about making as much profit as possible by gambling on esoteric financial products. The goal of banking should be to provide affordable loans to small and medium-sized businesses in the productive economy, and to Americans who need to purchase homes and cars.

That is not what these financial institutions are doing. They’re instead creating an economy which is not sustainable from a moral, economic, or political perspective. It’s a rigged economy that must be changed in fundamental ways.


Let’s be clear who we’re talking about: JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Morgan Stanley, and other institutions; they’re all too big to fail. So they must be broken up.

Wall Street can’t be an island unto itself separate from the rest of the productive economy whose only goal is to make as much money as possible. I fear very much that the financial system is even more fragile than many people may perceive.


Millions of Americans are working longer hours for lower wages, while virtually all new income goes to the people who need it the least. In fact, the top 14 wealthiest people saw their wealth grow more last year than the bottom 130 million have in total.

We must break this cycle to save the middle class in America. Can you show your support for my bill to break up the banks?

I’m running for President of the United States because I believe that it is incumbent on us to try to take back our country from the billionaires and make it thrive again for the working and middle class. Breaking up the banks is a critical part to making that a reality.

Thank you for all of your support.

Senator Bernie Sanders

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UPDATED:

Jeff Weaver, Bernie 2016 <info@berniesanders.com>
September 15, 2015

Pincas –

If you haven’t had a chance to read the email Bernie sent earlier today, please do.

The billionaire class is terrified. No presidential campaign in American history has accomplished what we have in just a few months, and they’ve responded as you’d expect: by activating their Super PACs in an effort to halt our progress.

Now that they’re attacking our campaign directly, we have a choice: we can either stand by and accept business as usual, or we can strike back and send a message that we’ve had ENOUGH of billionaires and corporations buying our elections.

The billionaire class has never dealt with a threat like ours before, and this will not be the last time a Super PAC considers attacking our campaign. If we stand together in this moment, we can make them think twice the next time they do.

In solidarity,
Jeff Weaver
Campaign Manager
Bernie 2016

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