Stiglitz, Other Experts, Urge Congress To Protect Taxpayers from Banks’ Risky Products

Nobel Prize winner warns against putting the government at risk for Big Banks’ deceptive practices

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Elimination of the language in the Senate financial reform bill that would require big banks to separate their derivatives desks from their regular commercial banking – and protecting American taxpayers from this risky business – is a top priority of  the big Wall Street banks that monopolize this business.

Nobel Prize-winning economist and Columbia University Professor Joseph Stiglitz, Michael Greenberger, a former Commodities Futures Trading Commission official and a professor at the University of Maryland School of Law and Rob Johnson,  Director of the Economic Policy Initiative at the Franklin and Eleanor Roosevelt Institute explain why the big banks’ approach is wrong, and why Americans should insist that strong protections remain in the final version of the bill, which goes before a House – Senate conference committee this week.