Last week, financial fraud experts who are also industry whistleblowers created a new organization, Bank Whistleblowers United (BWU), and laid out a 19-step plan that could be put in place within sixty days using existing law and with minimal Congressional action. This plan would end Wall Street corruption and help to mitigate the next economic crisis. They are asking candidates to endorse the plan, pledge to put it into effect if elected and to refuse donations from Big Finance.
I have followed the work of one of the founders of BWU, Bill Black, who played a central role in prosecuting executives responsible for the Savings and Loan crisis in the 1980’s. I reviewed the BWU plan and have pledged my full support. I was the first candidate to endorse it. As a senator, I can assist with some of the steps and I can encourage the administration to go the rest of the way. Pledging not to accept corporate dollars was the easy part since not only have I already pledged not to accept corporate donations, but I have also pledged to only accept the average Maryland salary and to donate the rest of my income to social movement building.
The Bank Whistleblowers United’s plan comes at a critical time. The United States economy, in fact the global economy too, is on shaky ground. Since the beginning of this year, the stock market has been faltering and economic experts whom I respect say that a crash is coming, which could be more devastating than the one in 2008, it is just a question of when.
If the President were willing to hold Wall Street accountable, he could do so starting today by implementing the BWU plan. This would have a profound impact on shrinking the size of risky investments that threaten our economy and curbing fraudulent behavior by those most responsible for corruption in the financial industry, the executives at the top of the big banks.
If I am elected, I look forward to working with Bill Black and his colleagues to rein in Wall Street and create an economy that works for everyone, not just the 1%.
Listen to my interview with Bill Black and his colleague, Randall Wray, a proponent of Modern Money Theory, on Clearing the FOG (Forces of Greed) radio. Click here.