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Sunday, 06 November 2011 02:33

Congressional Progressive Caucus: No Immunity for Wall Street

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A BUZZFLASH NEWS ALERT

The following is a November 4th statement from the Congressional Progressive Caucus opposing a slap on the wrist White House settlement with big Wall Street banks who committed mortgage fraud and ruinous speculation:

Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN), Co-Chairs of the Congressional Progressive Caucus (CPC), today released the following statement in response to the proposed $25 billion settlement currently under negotiation by the state Attorneys General and the U.S. Department of Justice with banks largely responsible for the national foreclosure crisis:

"Across the country, Americans are outraged and taking to the streets to demand accountability from the big Wall Street banks whose reckless actions cost millions of families their homes and wreaked havoc on the American middle class.

We applaud President Obama and the Justice Department for this effort to hold these banks accountable. However, a $25 billion settlement pales in comparison to the trillions of dollars in lost home equity, retirement savings and exploding public debt caused by these institutions.

We stand in support of the numerous Attorneys General that have demanded a better deal for homeowners in their states, from New York to California.

Instead of immunity for Wall Street banks, let's stand with the American people and demand a fair deal for homeowners."