As I’ve been reporting, the fallout from JPMorgan Chase’s “Fail Whale” trade has returned financial reform to the political agenda. The conventional wisdom previously was that Dodd-Frank would be implemented and the political system wouldn’t have to worry about Wall Street for a few years. The JPMorgan Chase test case, along with the frustration and anger from the public on these issues, particularly on the lack of accountability for criminal actions by bank executives, has made that position untenable.
Indeed, the public has a thirst for a real crackdown on Wall Street. The Progressive Change Campaign Committee, in the 48 hours since it went out with a petition in support of a new Glass-Steagall Act to separate commercial and investment banking received 60,000 signatures, and counting. But it’s not just arcane subjects about permitted practices by financial firms that has animated people. Eric Griego, a Democrat running for the House in New Mexico, released an ad this week with the line “I won’t stop until Wall Street bankers who broke the law go to jail.” The ad starts with the story of Alan and Melinda Witt who lost a good deal of their life savings in the stock market during the 2008 crash, right as they had planned to retire.
In an interview with FDL News, Griego, who is running against who he calls two “corporate Democrats” in a primary on June 5, said that the ad bubbled up organically based on his discussions with constituents from the Albuquerque-based district. “We went out and asked people,” Griego said. “We said, this is an issue I care about, what do you think… people came forward, totally different than the folks I had been fighting for in my legislative career, which were lots of Native Americans, people in high-poverty areas. These were middle-class folks who got taken for a ride, lose more than half of their life savings. This is an issue not just affecting working class folks… and so we asked the question, and overwhelmingly, Democratic voters said yeah, do something about Wall Street. I thought great, that’s a passion of mine.”
Griego says he has worked on financial and consumer protection issues since 2002, when he served on the Albuquerque City Council, working particularly to pass tougher controls on predatory lending and car title loans that carried large interest rates. New Mexico did not have the kind of foreclosure crisis we saw in neighboring states like Arizona and Nevada, but Griego still witnessed the preying on high-poverty, low-financial literacy communities, particularly Native American tribes. He continued this work in the New Mexico state Senate, working to toughen up bills on the financial sector after being elected in 2008. “It’s been a long fight for me on regulating the financial industry,” Griego said.
Indeed, we’ve seen arguably more effective measures at constraining Wall Street at the state and local level. Just this week, city councils in New York and Los Angeles passed responsible banking ordinances, which will give preferential treatment for city contracts to banks that invest in local communities. And we’ve seen a host of anti-blight, anti-foreclosure, and other measures.
Griego has plans at the federal level, many of them laid out in this op-ed. He wants to see more money and resources appropriated to existing investigations of the banks, including the task force co-chaired by Eric Schneiderman on mortgage securitization practices. “The best way to not get to the bottom of an issue is to under-resource it,” Griego said. “Fifty investigators (the current level) for a problem that involves trillions of dollars, I think that says we’re going to be doing something symbolic.”
More importantly, Griego says he would be an insistent voice on putting Wall Street executives who broke the law in jail. “In my district, we arrest people on minimal drug charges, they spend months in jail,” Griego said. “These guys violated the law, and you can correct me, but not one of them has spent a day in jail.” I didn’t correct him.
“Until we change the culture, until Congress is willing to take that issue on and look at these lapses in responsible conduct, banks are never going to change their behavior,” Griego concluded.
So far the reaction to Griego’s “jail the bankers” ad has been positive, he said. He expects both conservatives and his opponents in the primary, including ConservaDem former Albuquerque Mayor Martin Chavez, to say that the economy takes precedence over a vindictive kind of attack on Wall Street. Griego’s view is that the two issues are inherently connected. “You can talk about jobs all you want. The economy was undermined from these Wall Street practices – a lot of people agree that this was a direct result. If you care about an economy that’s sound and create jobs, not about repackaging mortgages and securities and making money off that dishonesty, then I think it is about jobs. You can exploit people or create a sound economy on sound economic principles.”
Griego describes his opponents and a swath of the Democratic Party as “look-the-other-way Dems,” people who can make noise on certain social or environmental issues, but who would rather not rock the boat on anything impacting corporate America. He sought to draw a contrast. “This has been my whole political life,” he said. “It’s about who’s going to stand up to the most powerful interests.”
The fact that the public so overwhelmingly agrees on these matters presents a challenge to those in whatever party more interested in looking the other way.





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Does he know the President who represents his party said the bankers did nothing wrong and that Obama has a man crush on Jamie Dimon? Hope the polls start going in his favor and it starts a trend.
Let’s decode this. What Griego is really saying is:
Painting my opponents as bank-friendly Dems is a great strategy for me to break out from the pack and get elected so that I can become a bank-friendly Dem with lots of FIRE sector campaign contributors for my 2014 re-election campaign.
Remember this cardinal rule: If he’s Dem and he says he’s progressive, or against the banksters, or for the 99%…he’s lying. You can’t be a Dem and actually feel that way.
Maybe he can start a trend.
“Corruption” works both ways. Not only should the corrupt bankers go to prison, but the corrupt politicians they “donate” to should be sitting in the slammer right along side them. By the way, which Demopublican politician is not 100% bought by the criminal bankers? I’d be interested in saying a list.
If Griego is being honest he should run as an independent. If he’s serious and truthful in.re. incarcerating Banksters and actually regulating Wall Street, he’d better have someone someone keeping an “eye on the sky” to warn him of the inevitable drone strike.
I suppose the slaveholders did nothing wrong either? Leveraged economic servitude for human beings, enabled under the color of law, with monies extracted from the governed, to buy the law, thereby protecting business models that screw the republic? What a deal for America! Get to rumble America.
Servitude to aristocratic corporatism? Thomas Jefferson and Lincoln are correct. The enthrone corporate aristocrat and his disdain for the rule of law except, when he can buy and use law to protect business models and fuck people, destroying live’s, decimating liberty while enslaving sheep to rancid business models where there is no pursuit of happiness, just servitude. Like rats trapped in a cage! Don’t think…. Just buy gasoline, go shopping, then come home and turn on the Dish/cable boob tube and pay to be conditioned/brainwashed like sheep, from men and beautiful woman, in little black boxes? DUMB!
We need a party that would allow people to believe, like Mr. Griego appears to, to actually be elected and follow through on their convictions once in office.
That’s not a description that fits the Democrats anymore.
You can bet the DNC wants him to lose in the primary. Very threatening to the status quo.
I hope he “looks the other way” when he crosses the street.
Well…he is still a member of the Democratic party.yep the same party that contributed to the decline in American jobs with their embrace of Wall ST.
I agree with you…anyone running as a democrat calling for the jailing of banksters really shouldn’t be trusted.
The DNC just like the GOP is a Corporate party.And simply anyone who supports either of these 2 parties with their membership is supporting corporatocracy.
Post of the day……..
Beat me to it.
Anymore, if the pol has either a “D” or an “R” beside their name, I believe NADA of what they say and only about half of what they end up DOING (because the “doing” part can be endlessly negotiated into doing fuck all for the 99%, whilst kissing the behind of the 1%).
Don’t believe this guy. Too bad, so sad, get used to it.
I have NO problem with you folks who think the Democrats have become a nasty right-wing party. I agree. I also am old enough to remember when the Democratic Party was NOT like this at all. Yes this is Minnesota where Republicans used to be considerably to the left of, say, All Franken. So in my heart, I see a guy like Griego as a throwback to when Democrats were really Democrats. I understand he isn’t going to get support from the party bigwigs, but shouldn’t we support efforts to take our party back from the right-wing hacks.
Just asking.
I think we should make a VERY BIG POINT of letting the corporate Dems that we will not support them because they are evil heretics. Or something like that.
Eric Holder will be opening up an investigation on Mr. Griego before the week is out.
This quote is funny. Let’s replace a few words and go back into America’s history for a laugh, or better yet a cry!
“Until we change the
culturebelief that Negroes are inferior, not entitled to constitutional protection and therefore property, untilCongressa House Divided and Antbellum Senate is willing to takethat issueslavery on and look at these lapses in responsible conduct,banksslave-owners are never going to change their behavior,” Griego concluded.Griego needs a refresher course in history lesson. Slave holders engaged in civil war to protect their business model and way of life in an attempt to continue behavior predicated on tradition and prejudice, to line their pockets at the expense of another’s life and lack of liberty! For decades exploitation of human beings based on color of skin where raped and exploited by property owners. Don’t expect the US Congress to protect Americans from banks. US Congress protected slave owners until Abe came to the scene. It cost Abe his life and the live’s of 650,000 Americans.
For real? Thanx!
ATLP!!!!!!!!!!
http://americantermlimitsparty.org/
Spot on!!!!!!!!!!!!!!
Actually, in spite of the change in Democratic values in Congress and in the Administration, Griego appears to be the real deal(old Democratic values–an actual progressive). I’ve been watching him for years and he is consistent. Many progressives are eager to vote for him. Probably on the local level some progressives are still surviving and thriving.
I find it interesting that Griego tries to undermine the only woman in this race by a) not mentioning her name and b) describing her incorrectly. Michelle Lujan Grisham is a strong candidate in this race and a passionate progressive. That’s just the truth.