On 10th Anniversary of Crash, Warren Says: Break Up the Banks, Jail the Bankers

15-09-18 07:09:00,

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With Saturday marking the tenth anniversary of the collapse of Lehman Brothers and the start of the worst financial meltdown since the Great Depression, Sen. Elizabeth Warren (D-Mass.) declared Thursday night that the only way to avoid another crisis is to break up the Wall Street banks that caused it and hold wealthy executives accountable for their crimes.

“Oh, yeah. Give me a chance,” Warren said when asked by Andrew Sorkin of the New York Times if she still supports breaking up big banks, many of which are far larger than they were before the 2008 crash.

“We have got to change the rules,” Warren declared, highlighting her effort to implement a 21st century Glass-Steagall Act to separate commercial and investment banking. “This Congress rolling back regulations on the biggest financial institutions, rolling back regulations on Wall Street, this is absolutely the wrong direction for us to go.”

Asked if the United States is prepared for another crisis—which a bipartisan deregulatory measure passed in March makes far more likely—Warren responded: “No, not even close.”

In addition to pushing for stronger safeguards against big bank speculation, Warren also argued in a tweet on Thursday that “we need to start holding Wall Street executives accountable” if we are to avoid another crash.

Far from being held accountable for their actions, former Lehman Brothers executives and staffers are reportedly holding a ritzy tenth anniversary get-together on Saturday to celebrate the anniversary of their firm’s collapse.

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“I introduced the Ending Too Big to Jail Act to force law-breaking bankers to trade in their pinstripe suits for orange jumpsuits,” Warren said,

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