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Martin O’Malley Talks Tough To Big Banks

Democratic presidential candidate Martin O’Malley has this to say to our country’s largest for-profit financial corporations:

big bank“Because your institutions are so large, so leveraged, and pose such a grave threat to our economy, you don’t face the same rules of the free market that apply to everyone else. If your bets go bad, you don’t face bankruptcy—taxpayers bail you out. When things go well, the upside is all yours and you get to cash in exorbitant bonuses. This violates the very principle of free market capitalism.

For similar reasons, both your megabanks—and your executives—have been somehow classified as too big to prosecute and too big to jail. Exacerbating the problem, our financial regulation system is defined by conflicts of interest and a lucrative revolving door. Former financial executives are hired to regulate their former colleagues and, when they leave for government, they’re given golden parachutes. Then, they turn right around and return to the firms they were supposed to be regulating.

All of this explains why, when laws are broken, you and your institutions get off with nothing more than a slap on the wrist—fines paid by shareholders that you can write off as nothing more than business expenses. No admission of guilt, no one faces jail time, everybody keeps their jobs — back to bonuses as usual.

As President, I would end this double standard of justice. It is bad for our economy, and it is bad for our country.”

Does this kind of talk impress you?

Will it lead you to support O’Malley for President campaign?

2 thoughts on “Martin O’Malley Talks Tough To Big Banks”

  1. Jim Cook says:

    Martin O’Malley spent a lot of time talking about how bad banks are. But he didn’t say what he’d do about it. I want to hear specifics.

  2. Larry says:

    Yes, I would like to hear specifics – and in detail – also. Senator Warren has been saying this for some time now. Senator Sanders also.

    What we really need is another Progressive like “Trust Buster Teddy” (with the grit and power to push it through).

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