| Tell President Obama: "Wall Street banks and executives should play by the same rules we do—make sure their criminal wrongdoing is prosecuted." 202-456-1111 |
Dear MoveOn member,
Zero. That's how many Wall Street bankers have gone to jail for creating a system of greed and fraud that crashed the economy and cost the world $7 trillion.1
And with Wall Street powerhouse JPMorgan taking a $2 billion hit for financial gambling that even its CEO admits was "poorly reviewed, poorly executed, and poorly monitored," it's clear that Wall Street hasn't learned its lesson.2 The only way to bring Wall Street under control is to hold Big Banks, and their executives, accountable for bankrupting ordinary Americans.
The mortgage fraud task force hasn't had the time or resources to fully investigate the wrongdoing of Wall Street banks yet.3 With the task force barely up and running, it has to be crystal clear that criminal wrongdoing by Wall Street Big Banks, and their executives, will be fully investigated, and criminally prosecuted. And that the determination of whether crimes were committed belongs in the hands of the task force and its investigators.
Call the White House and ask President Obama to make it clear that Wall Street banks aren't above the law, and that their crimes will be fully investigated and prosecuted.
White House comment line: 202-456-1111
Americans haven't forgotten who was behind the housing market collapse that cost so many their homes, jobs, and financial security. Polling released just today shows that—especially in the states hit hardest when the housing bubble burst—people want to see the Big Banks, and the people who lead them, held accountable.4
Wall Street banks were responsible for pushing unsuspecting borrowers into bad loans, and now many of those same banks are refusing to modify loans or bring mortgages in line with real-world home values.5 As a result, millions of families have lost their homes, and millions more remain at risk.
But MoveOn members and other progressive activists have made a difference. Together we pushed to make sure the banks' settlement deal didn't let them off the hook, together we pushed for a full investigation, together we pushed for a staff director for the task force—and we won every time.6
Now we need to make sure that Wall Street's Big Banks, and the people behind them, face the consequences of their crimes, just like anyone else would.
Ask President Obama to make it clear that Wall Street bankers aren't above the law and will be investigated and prosecuted for their crimes.
White House comment line: 202-456-1111
Thanks for all you do.
–Elena, Stefanie, Victoria, Emily, and the rest of the team
Sources:
1. "President Obama's Wall Street problem," Politico, May 14, 2012
http://www.politico.com/news/stories/0512/76259.html
2. "JPMorgan's Loss: Illegal, or Just Bad Judgment?," The New York Times, May 14, 2012
http://www.moveon.org/r?r=275553&id=41550-10220574-xdr3brx&t=4
3. "Homes, Banks, and Politics: Round 2 of Settlement Talks," Daily Kos, April 6, 2012
http://www.moveon.org/r?r=274419&id=41550-10220574-xdr3brx&t=5
"Justice Department Responds on Securitization Fraud Task Force," Firedoglake, April 13, 2012
http://www.moveon.org/r?r=274434&id=41550-10220574-xdr3brx&t=6
4. "Poll: Independent Voters Want Obama To Keep Pressure On Banks," Talking Points Memo, May 16, 2012
http://www.moveon.org/r?r=275563&id=41550-10220574-xdr3brx&t=7
5. "Nightmare Mortgages," Bloomberg Businessweek, September 11, 2006
http://www.moveon.org/r?r=274420&id=41550-10220574-xdr3brx&t=8
"Wells Fargo Accused Of Offering Deceptive Mortgage Modifications," The Huffington Post, May 14, 2012
http://www.moveon.org/r?r=275558&id=41550-10220574-xdr3brx&t=9
6. "MoveOn, Color Of Change Demand Obama To Investigate Wall Street Banks, Housing Crisis," The Huffington Post, January 19, 2012
http://www.moveon.org/r?r=269678&id=41550-10220574-xdr3brx&t=10
"States Negotiate $26 Billion Agreement for Homeowners," The New York Times, February 8, 2012
http://www.moveon.org/r?r=271039&id=41550-10220574-xdr3brx&t=11
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