O'Malley on Wall Street: 'If you slap a bank robber on the arm, he's going to rob the bank again'
In his conversation with Business Insider...
Overall, O'Malley characterized his efforts as an extension of a vow made by the Democratic Party after the financial crisis.
"People are rightly angry that we as a party haven't followed through on what they thought was the commitment and the promise we made to institute Wall Street reform," O'Malley said. "We got part of the way there with Dodd-Frank. We didn't get all the way there. It makes no sense to think that an industry where this much money is at stake would police itself. You know, if you slap a bank robber on the arm, he's going to rob the bank again. The same holds true with people in suits."
"I also think it should be stated pretty clearly that the biggest impediments to Wall Street reform have been Republicans in Congress," O'Malley said. "I'm not saying that there aren't a few Democrats that have become weak-kneed as well, but the biggest impediment is Republicans in Congress. This national campaign, with the higher turnout numbers that are generally in national elections, is an opportunity for people to make a change and to make a change in their Congress as well."
"People that actually do business and do it honestly on Wall Street would have nothing to fear," O'Malley said, adding, "I think the habitual lawbreakers will be in for a pretty abrupt awakening here. We need to restore deterrents. We need to put prosecutors in place and people that are willing to take cases criminally when the facts justify a criminal prosecution."
O'Malley, however, said he was not concerned about his Wall Street crusade hurting his war chest.
"I really don't care. I'm running my narrow path," O'Malley said. "It's the path of putting the national interest first and putting it ahead of powerful wealthy special interests. I know the path is narrow. I know that it's probably the steepest path, but I also know it has the greatest audience, and I know that that's what people are looking for. They want a president that's going to fight for them, that's not going to compromise the national good for the sake of well-connected elites."
read more: http://www.businessinsider.com/martin-omalleys-war-on-wall-street-2015-7
related:
Martin O'Malley @MartinOMalley Jul 9
Via @micnews "Martin O'Malley Comes Out Swinging Hard At Wall Street" http://mic.com/articles/122040/martin-o-malley-comes-out-swinging-hard-at-wall-street …. Read O'Malley 'open letter to Wall St.': http://omly.us/1NVWoa3
Brendan McGuire @BMcGrizzly Jul 9
Check out the badass @MartinOMalley plan to reform Wall Street and the financial sector http://bit.ly/1J6oNps #OMalley2016 #IACaucus
read the full policy paper (PDF) - https://14d2r744okfe40r1ug1oqm6y-wpengine.netdna-ssl.com/wp-content/uploads/2015/07/OMalley-Wall-Street-Reform.pdf
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"It's the path of putting the national interest first and putting it ahead of powerful wealthy special interests. I know the path is narrow. I know that it's probably the steepest path, but I also know it has the greatest audience, and I know that that's what people are looking for. They want a president that's going to fight for them, that's not going to compromise the national good for the sake of well-connected elites."
"People are rightly angry that we as a party haven't followed through on what they thought was the commitment and the promise we made to institute Wall Street reform," O'Malley said. "We got part of the way there with Dodd-Frank. We didn't get all the way there. It makes no sense to think that an industry where this much money is at stake would police itself.'
