What if We Owned the Banks?

Seeking Good

Economic Inequality: Part 3

In June of 2015, Citigroup, JPMorgan Chase, and Barclays, among other Libor-rigging giants, pleaded guilty to felony charges related to the [Libor] conspiracy and greed to pay more than $2.5 billion in criminal fines to U.S. regulators.

Protesters and Chase(AP Photo / Edouard H.R. Gluck)

Representing only a single instance of a commonplace practice played out the world over, this corporate criminality instigated the outage of Craig Brandt, an attorney from Oakland, California. He set out to enact an audacious plan. With other individuals, Mr. Brandt endeavored to have the Oakland City Council “take radical action to combat plutocracy, inequality and financial dislocation”. Mr. Brandt wanted to create a city-owned “public bank”.

Recent posts on this blog have explored economic inequality and its ramifications. The post this week continues this series, beginning to focus on potential solutions to what some see as a looming…

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