PRESS RELEASE

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Wall Street Meets To ‘Set Record Straight’ against Glass-Steagall in U.S. Election Campaign

May 11, 2015 (EIRNS)—The Wall Street Journal chose today to reveal that back on March 31, "Senior executives from seven of the biggest U.S. banks gathered or dialed into a meeting on the 51st floor of the Bank of America Tower in New York, to discuss the upcoming election cycle and how the firms can counteract what they view as false and damaging statements about large banks."

The problem, Journal readers are to understand, is not their own bankruptcy, or the new paradigm created by the BRICS. Rather it’s Elizabeth Warren, and all this talk about Glass-Steagall; and it is time to "set the record straight, to emphasize the positive role banks play in the economy and the changes big firms have made since the 2008 crisis."

Participants in the 51st Floor summit included Goldman Sachs, JP Morgan, Bank of America, Bank of New York Mellon, State Street, Morgan Stanley, and Citigroup. It was not mentioned, apparently, that the derivative bubble is now far bigger than in 2008.

The Journal acknowledges that "the jabs have come mainly from challengers to front-runner Hillary Clinton, and in some cases seem aimed at highlighting her ties to Wall Street." The bankers name Bernie Sanders, Warren, and Martin O’Malley—including his support for Glass-Steagall. And, Heaven forbid, even some of the Republicans are talking about the problem of Wall Street.