Hillary
Clinton’s response to Bernie Sanders’s plan to aggressively break
up the big banks responsible for the financial crisis is to suggest
that he is naive.
“My plan
also goes beyond the biggest banks to include the whole financial
sector,” Clinton wrote in a New York Times op-ed in December. “My
plan is more comprehensive,” she said at the first Democratic
debate in October — and for that reason, “frankly, it’s
tougher.”
But
Clinton’s vision of financial reform neglects one part of the
industry everyone agrees was an essential factor in the 2008 crisis:
the credit rating agencies, which assess the worthiness of Wall
Street securities for investors.
Sanders’s
plan, released last week, would no longer allow the companies that
issue securities to pick which rating agency they use – a simple
but outrageous practice that creates an enormous conflict of interest
and helps facilitate fraud.
The heart of
Clinton’s pitch on Wall Street is that she recognizes all potential
hazards. But there is not one word in her big reform plan about the
rating agencies.
Read
the rest of the report:
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Just take a look on the huge
antithesis here: Hillary receives huge amounts from the banking
industry, while Sanders, of the same political party, fights the
huge corruption of the financial sector, even when it is directly
connected with the Fed.
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