Break up Citigroup. We face a danger to our democracy from the power of our largest banks—particularly Citigroup. Their control over the executive branch is unprecedented. Their donations buy votes every day in Congress. Their money supports think tanks that produce endless smokescreens to make sure no one notices what is really going on. It’s time to fix the imperfections in Dodd-Frank, just as Elizabeth Warren says: “Let’s pass something—anything—that would help break up these giant banks.”
Our largest six banks are regarded by investors and top officials as Too Big to Fail. These firms receive special support whenever they get into trouble. This means the government effectively protects them from the consequences of their own ineptitude – they get the upside when things go well, and the rest of us get massive negative impact when things go badly. The only way to end this is by breaking up the banks - and setting a hard cap on their size relative to the overall economy.