New Sanders bill: If a bank is too big to fail, it's too big to exist

Boing Boing -

Boing Boing—In 2008, the Bush and Obama administrations both argued that they had a duty to transfer more than $700,000,000 of American taxpayers' money to the largest banks in the country, because these banks were "too big to fail" and allowing them to collapse would do much more harm than a mere $0.7 trillion subsidy. But of course, that wasn't their only option. As Matt Taibbi argued persuasively in his brilliant history of the crisis and its aftermath, The Divide, a bank that is on the verge of...

'Too big to fail, too big to exist': Bernie Sanders takes aim at banks with new bill. Bernie Sanders introduced a bill to break up America's largest financial institutions on Wednesday, exactly 10 years after President George W. Bush signed the government's big bank bailout program into law. "Wall Street cannot continue to be an island unto itself gambling trillions of other...