On Lehman Bros Bankruptcy Anniversary, Wall Street Veteran Says Congress is Leading Us to Another Crash

Friday, September 14

For Immediate Release

Friday, September 14, 2018

Contact: Sam Quigley

[email protected]

202-446-0489

 

“Congress and the Trump Administration Are Setting Us Up for Another Crash”

“It is simply absurd that as banks are raking in record profits, our government is most concerned with helping them make even more money.”

 

Washington, DC – This afternoon, as the country approaches the ten year anniversary of the collapse of Lehman Brothers this Saturday, an event that triggered the worst financial crisis in modern American history, Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc., the world’s largest asset management firm, released the following statement:

 

“Ten years after the worst financial crisis in living memory, Congress and the Trump administration are setting us up for another crash. This year alone they’ve already passed legislation rolling back regulations meant to prevent another crash, and they’re now trying to loosen rules even more for large banks and financial institutions. It is simply absurd that as banks are raking in record profits, our government is most concerned with helping them make even more money.

 

Take it from someone with a long career on Wall Street, we need those rules and regulations to reign in Wall Street’s worst excesses. Without them, banks are going to keep playing roulette with the American economy on the line.”

 

For further comments or questions, please contact Sam Quigley at [email protected].

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About the Patriotic Millionaires

Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at http://patrioticmillionaires.org/about/

The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at http://patrioticmillionaires.org/media

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