Banks too big to fail and executives too big to jail
We have to put an end to the culture of selfishness and corruption that allows greedy Wall Street banks and executives to rip off working people without any consequences.
In 2008, the Department of Justice failed to prosecute virtually anyone involved in crashing our economy or stealing billions of dollars from the American people. It taught them that they could get away with anything.
And they continue to act like the rules don’t apply to them.
Wells Fargo is a great example. Executives pressured employees to open more than two million checking and credit card accounts not authorized by customers in order to meet “strict sales quotas.”
Well, they got caught — and settled with the Consumer Financial Protection Bureau to return the money they scammed from customers and pay a record-breaking $185 million fine to the federal government.
5,000 low-level employees were fired for misconduct, but the only executive that has resigned was given a rumored $125 million golden parachute. And so far, the CEO of Wells Fargo, John Stumpf, is refusing to resign.
But it is far more important that the Department of Justice investigates and ultimately prosecutes every senior executive at Wells Fargo responsible for scamming their customers.
Had you or I stolen the amount of money that Wall Street banks take from working people in this country, we’d go to jail.
Why is it okay for Wells Fargo executives to get away with stealing? Because they have fancy titles and big bank accounts?
Sadly, the system in this country is rigged in favor of wealthy elites who have purchased tremendous influence in our government.
Every single time these crimes go unpunished, Wall Street goes bigger, bolder, and badder in their schemes that target working Americans. We need to hold them accountable to the law. That is the job of the Department of Justice, and it’s about time they do it.
I believe we can make progress on bringing true equality and fairness back to our government if we continue to work together and make our voices heard.
Thank you for standing with me on this important issue.