Tuesday, May 22, 2012

Petition to reinstate Glass-Steagall

I'm forwarding this message from Elizabeth Warren, Senate candidate from MA. Please consider signing the petition, thanks:

JPMorgan Chase revised its numbers. Since announcing an incredible $2 billion trading loss 12 days ago, the megabank has now lost another $1 billion, and maybe more, in just a few days. CEO Jamie Dimon is still claiming that it was just a sloppy mistake -- that JPMorgan doesn't need government oversight and accountability. But what if the next loss is $20 billion? Or more?

Tens of thousands of people like you have already signed my petition to Congress to pass a modernized Glass-Steagall Act. Will you forward this email to your friends, and ask them to sign it too at ElizabethWarren.com/wall-street-reform?

For me, the basic idea is simple: banking should be boring. Checking accounts, savings accounts -- the things you and I rely on every day -- should be separated from the kind of risk taking that JPMorgan and the Wall Street traders want to take. For decades, the Glass-Steagall Act acted as a wall to separate hedge funds and risky investment banking from ordinary commercial banking. But in 1999, Congress repealed Glass-Steagall. This past week has reminded us that Glass-Steagall is as important as ever.

Please forward this email to your friends, and ask them to join you and tens of thousands of people in urging Congress to put Wall Street reform back on the table -- and pass a new Glass-Steagall Act today.

Thank you for being a part of this campaign -- and for helping to hold Wall Street accountable.
Elizabeth Signature

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