For Immediate Release

Organization Profile: 

Michael Briggs (202) 228-6492

J.P. Morgan Debacle Bolsters Case for Breaking Up Big Banks

WASHINGTON - 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."


FRIENDS: Now More Than Ever

Independent journalism has become the last firewall against government and corporate lies. Yet, with frightening regularity, independent media sources are losing funding, closing down or being blacked out by Google and Facebook. Never before has independent media been more endangered. If you believe in Common Dreams, if you believe in people-powered independent media, please support us now and help us fight—with truths—against the lies that would smother our democracy. Please help keep Common Dreams alive and growing. Thank you. -- Craig Brown, Co-founder

Support Common DreamsSupport Common Dreams

United States Senator for Vermont

Share This Article

More in: