Sanders Doubles Down on Claim the Business Model of Wall St. Is Fraud

‘So do I believe that the business model of Wall Street is flawed? I think the answer obviously of course it is’

RUSH TRANSCRIPT:
TODD: "Let me move onto something else you said from the debate. It was a tough charge. You said, and you yourself said this was going to be a tough charge when you said it, the business model of Wall Street is fraud. Boy, that was a broad brush. And I was thinking about the fact that there’s a lot of union pension funds that are invested in Wall Street, 30% in many of them when you look. I was looking up some of these things. A lot of 401(k)s, a lot of retirements is based on investments in Wall Street. It seems to me if you believe it’s a fraud, you would not like to see money invested in something based on a fraud."
SANDERS: 'Look, Chuck, what I said I believed to be true. A few weeks ago, as you know, a Goldman Sachs reached a settlement with the united States government for $5 billion. $5 billion. Why? And the answer is obviously they were defrauding investors in terms of ING subprime mortgage packages that were worthless. Now, that’s my definition of fraud. And other major banks also have received — paid huge settlement fines to the federal government. And what really burns the American people up is after paying $5 billion in a settlement agreement, none of these people, none of the executives on Wall Street get charged with anything. Kid gets caught with some marijuana gets a police record. Fraudulent activity on wall Street destroys the economy, no police record for any executive. So do I believe that the business model of Wall Street is flawed? I think the answer obviously of course it is."

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