Big bank explains in great detail why Elizabeth Warren scares big banks
Big banks agree with Elizabeth Warren that an Elizabeth Warren presidency would not be good for big banks. A series of reports from Barclays obtained by Mother Jones waxes fearful about Warren plans like a corporate profits tax, a wealth tax, canceling student debt, and her trade policy proposals.
According to Barclays, “Closing tax loopholes, as Warren proposes, would ‘likely limit the size’ of the private equity industry,” Mother Jones reports, while “Banning fracking would be ‘broadly negative’ for energy companies.” (The climate, on the other hand … ) Warren’s wealth tax? Households affected by the plan to tax wealth over $50 million “would likely need to fund it by reducing their assets.”
The private equity industry that’s drained so many companies of cash and forced them into bankruptcy limited in size? Energy companies having to pivot to clean energy or lose out? People with hundreds of millions of dollars forced to choose between a second yacht and a fifth mansion? The horror! The horror!