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In an interview on CNBC’s Squawk Box, Blankfein called the Senator’s rise “a dangerous moment,” and suggested his presidency would be harmful to Wall Street. Sanders’ campaign message has been very critical of the financial sector, saying Wall Street’s business model is “fraud,” and he has promised to break up too-big-to-fail banks by bringing back the Glass-Steagall Act of 1933 to lessen the damage of another economic meltdown.
Sanders also wants to implement a small sales tax on all Wall Street transactions to simultaneously pay for tuition-free college while discouraging the kind of high-frequency trading that creates instability in financial markets.
Sen. Elizabeth Warren (D-Massachusetts) just came to Sanders’ defense, saying he’s right to criticize the behavior of big banks like Goldman, which reaped record profits off of the financial crisis and resulting bailout.
“He thinks it’s fine to prosecute small business owners, it’s fine to go hard after individuals who have no real resources, but don’t criticize companies like Goldman Sachs and their very, very important CEO — that’s what he’s really saying,” Warren told International Business Times.
“When Blankfein says that criticizing those who break the rules is dangerous to the economy, then he’s just repeating another variation of ‘too big to fail,’ ‘too big to jail,’ ‘too big even to prosecute,’” Sen. Warren added.
Warren has made a name for herself as the toughest Wall Street watchdog in the U.S. Senate. Shortly after she was sworn in, Warren made headlines after numerous hearings in which she grilled top Federal Reserve officials and officials at the U.S. Department of the Treasury, chastising them over their kid-gloves treatment of Wall Street bankers who broke the law. She recently put out a detailed report detailing multiple instances in which the Obama administration was too soft on corporate crime.
Elizabeth Warren has yet to endorse a candidate in the Democratic primary.
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