To: President Donald Trump, The United States House of Representatives, and The United States Senate
End Subsidies for Big Banks
We all know that most of the big banks received bailouts during the financial crisis beginning in 2008. But 18 banks, such as JP Morgan, Bank of America Corp. and Citigroup Inc., are now receiving subsidies of US taxpayer dollars from the federal government amounting to about $76 Billion yearly. It was recently revealed that JP Morgan, which receives a $14 Billion annual federal subsidy, lost several billion dollars in risky trading, with American taxpayers partly footing the bill.
This corporate welfare system must end.
Call for a halt to US Government subsidies for the big banks.
This corporate welfare system must end.
Call for a halt to US Government subsidies for the big banks.
Why is this important?
The recent major losses of JP Morgan and a study done by Bloomberg have pointed to an ongoing program of multi-billion dollar subsidies of 18 major banks in the US. These banks' continuing risky practices, awards of extreme amounts to its top executives, and total lack of accountability do not entitle them to receive what amounts to corporate welfare. I call for an end to federal subsidies of the big banks.