The purpose of this disclosure is to explain how we make money without charging you for our content.
Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.
Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.
Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.
Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.
To find out more about our editorial process and how we make money, click here.
Vermont senator and contender for the 2016 Democratic contender for president Bernie Sanders in a major speech Tuesday delivered a stark rebuke to Wall Street and his chief rival Hillary Clinton, delivering the message that “greed is not good.”
“If a bank is too big to fail, it is too big to exist,” Sanders said to an invitation only crowd in Manhattan, slamming the financial industry by saying that “fraud is the business of Wall Street.”
Sanders also had unambiguous language for his chief competitor for the Democratic nomination for president Hillary Clinton, whose husband Bill Clinton signed legislation repealing the Glass-Steagall Act, which had barred commercial banks from involvement in risky investment banking.
“My opponent says that, as a senator, she told bankers to ‘cut it out’ and end their destructive behavior,” Sanders said. “But, in my view, establishment politicians are the ones who need to cut it out. The reality is that Congress does not regulate Wall Street….” A raucous crowd finished his sentence with “Wall Street regulates Congress,” USA Today reports.
Among other proposed reforms to the financial sector, Sanders promised to break up big banks whose size poses “a grave threat to the economy” within a year. How exactly he would accomplish that is difficult to sort out, however, since, as pointed out by Tim Fernholz at Quartz, the current authority to break up too-big-to-fail banks requires support of two-thirds of the Federal Reserve’s board of governors, a seven-member body with only five members currently, all of whom were appointed by President Obama.