I’ve Seen Goldman Sachs From the Inside. We Need Public Banks.

 

By Nomi Prins

For far too long, Wall Street has wreaked havoc on people’s personal financial stability and our economy as a whole. I should know. As a managing director at Goldman Sachs in the early 2000s, I witnessed firsthand how the banking industry lined their pockets at the expense of customers.

Not much has changed since then. After the mortgage fraud crisis of 2007-08, the biggest banks were slapped with $216 billion in fines – a drop in the bucket for firms that raked in a cool $237 billion last year alone. Infamously, not a single banker went to jail. Today, Wall Street banks continue to commit fraud, enjoy front-row lobbying seats in Washington, write legislation on their own behalf, and maintain easy access to credit courtesy of the Federal Reserve.

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Source: Truthout