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You’ll Love This Politician’s Quip on Wall Street

Money Morning Contributor
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During last night’s Democratic debate, presidential hopeful Bernie Sanders (I-VT) defined Wall Street‘s business model as a “fraud ripe for revolution.”

We couldn’t agree more.

In fact, Money Morning Capital Wave Strategist Shah Gilani has long pointed out the government’s cozy relationship with big banks…

  • On the government’s dismissal of Bank of America Corp.’s (NYSE: BAC) valuation miscalculations in May 2014:“I’m feeling the warm west wind, otherwise known as that constant flow of blathering Bullshirt from the Fed and bank CEOs that everything is irie, mon, and I’m lovin’ it.

    “Like I said, I’m going to sleep well again tonight. Not because I’m short and shorting more bubblicious stuff every day, but because there ain’t no reason to stress a few missed billions in losses or botched stress tests.”

  • On the Volcker Rule that supposedly bans banks from making hazardous and speculative trades:“The big banks are begging for the chance to make the same kind of moves that got us into the 2008 global credit crisis, one of the worst in the modern world.

    “It’s like they never learned their lesson…

    “They’re even enlisting congressional cronies to do their bidding.”

  • On media claims that big banks are being aptly fined for their mistakes:“When it comes to big banks’ bad behavior and the fines they pay to settle ‘allegations’ – which are actually civil charges and which would be criminal charges if applied to any other business or in any parallel universe – things aren’t even close to what they seem. “Sure the headlines scream victory, at least monetary victory, for some ripped-off consumers, some hard-charging regulators, and our vaunted (NOT) Justice Department.”

Here’s Sen. Sanders’ anti-Wall Street tirade from last night’s debate – starting with Goldman Sachs Group Inc.’s (NYSE: GS) recent $5 billion fine for defrauding investors.

GS, by the way, has been a major contributor to Democratic presidential front-runner Hillary Clinton‘s campaign. Alongside Morgan Stanley, Deutsche Bank, UBS, and other firms, Clinton made out with $3.15 million in speaking fees from these Wall Street leviathans in 2013 alone.

For more info on the 2016 presidential election, follow us on Twitter @moneymorning, or like us on Facebook.

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