Reps. Raúl M. Grijalva (D-Ariz.) and Keith Ellison (D-Minn.), Co-Chairs of the Congressional Progressive Caucus (CPC), today released the following statement on news of a draft settlement between the nation’s five largest banks and a coalition of state attorneys general:
"When Wall Street bankers got bailed out, homeowners got kicked out. Now these banks are back to business as usual, coming up with new ways to cheat working Americans and paying out $144 billion in bonuses and compensation this year alone. Americans are fed up with Wall Street banks getting bailed out and then trying to squeeze homeowners for more profits.
“As state attorneys general and the President's team gather in Chicago today to discuss a deal with the nation's five largest banks, we urge them to come to an agreement that acknowledges the deep pain that has been inflicted on the American people. The six biggest banks could pay a $25 billion settlement five times over just with last year’s bonuses and compensation. A $25 billion settlement to fix a $700 billion problem is woefully inadequate and fails to meet the needs of America's homeowners. We urge negotiators to ensure that this deal include the funds necessary to help mortgage holders in a serious way, so that we can save people's homes and get the economy moving again.
“The 99percent have already paid to bail out the banks. Now the banks want a sweetheart deal to avoid taking responsibility for forging documents and lying to the courts just so they could kick families out of their homes.
“It's past time we stand up to Wall Street and show the American people that no bank executive is above the law. Banks don’t deserve blanket immunity; they deserve to pay for gambling with America’s future.”