For Immediate Release

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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."

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