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CONTACT: Senator Bernie Sanders
Michael Briggs (202) 228-6492
J.P. Morgan Debacle Bolsters Case for Breaking Up Big Banks
WASHINGTON - May 11 - U.S. Sen. Bernie Sanders (I-Vt.) issued the following statement today after J.P. Morgan Chase revealed a $2 billion loss:
"The debacle at J.P. Morgan Chase reaffirms my view that the largest six banks in this country, including J.P. Morgan Chase, which have assets equivalent to two-thirds of our GDP, must be broken up. This is important in order to bring more competition into the financial marketplace and to prevent another ‘too-big-to-fail' bailout.
"At a time when 23 million Americans are either unemployed or underemployed, huge financial institutions should not be involved in ‘making wagers or high-stake bets.' They should be investing in the productive economy creating jobs and improving our standard of living."