A demonstration of about 120 people gathered outside Citigroup’s headquarters in midtown Manhattan to amplify Elizabeth Warren’s message that it’s time to break up the big banks, including PCCC members, Working Families Party, former New York gubernatorial candidate and reformer Zephyr Teachout, New York Communities for Change, Citizen Action New York, American Family Voices, and other progressive allies.
On Tuesday, Dec. 16, Pres. Obama signed a law written by Citigroup that repealed a major piece of Wall Street reform, resulting in risky derivatives bets now being insured by taxpayers. Elizabeth Warren shined a national spotlight on this issue from the Senate floor:
“There’s a lot of talk coming from Citigroup about how the Dodd-Frank Act isn’t perfect. So let me say this to anyone who is listening at Citi: I agree with you. Dodd-Frank isn’t perfect. It should have broken you into pieces.”
— Sen. Elizabeth Warren (D-MA)
“We are here today because Elizabeth Warren is right. We need to break up the Big Banks — banks like Citigroup,” said PCCC spokesperson TJ Helmstetter at the event.
“Elizabeth Warren has stuck her finger into the socket of American populism, and the country is lit up,” said former New York gubernatorial candidate and reformer Zephyr Teachout. “Now the lights are on, and every candidate running for president, whether it’s Hillary Clinton or Jeb Bush, has to answer the question: Do you think that Citigroup should be broken up, or do you think Wall Street should get to keep writing its own rules?”
“Citigroup has infiltrated so much of government that government is in danger of forgetting about working families,” said Working Families Party co-chair Bob Master. “We can’t keep paying the tab for ‘too big to fail, too big to jail.'”
“Executives at Citigroup and the Big Banks take home millions while gambling with the livelihoods of low and moderate income families,” said New York Communities for Change member Skipp Roseboro. “Enough is enough, it’s time to end too big to fail and break up the banks. Democracy belongs to the people, not the banks.”
CNN MONEY: Elizabeth Warren allies march outside Citi: ‘Break big banks’ (great photos!)
WALL STREET JOURNAL: Elizabeth Warren Pins Wall Street Ills on Citigroup