Clinton and Sanders differ on big banks and Wall Street

Stacey Sager Image
Tuesday, April 12, 2016
How will candidates handle the enormous power of Wall Street?
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Stacey Sager has more.

NEW YORK (WABC) -- The stakes are enormously high for the presidential candidates and for Wall Street, but most importantly for the economy.

There are nuances between Hillary Clinton and Bernie Sanders on this.

How much it will matter to New York voters remains to be seen.

He'd like to break up the big banks and she'd like to make Wall Street work for Main Street.

What we know in New York is with one more week until the primary; expect each candidate's heels to dig in a little deeper.

"They're one of the Wall Street banks who triggered the financial meltdown," Bernie Sanders said in a new political ad.

That means hearing the name Goldman Sachs once again in the Bernie Sanders ad, Sanders is challenging Hillary Clinton again and again to release the transcripts of her paid speeches for the investment bank.

"I will release all of my transcripts, which is not difficult for me to do because there are no transcripts," Sanders said while campaigning in Albany.

From the Clinton campaign there is a stronger effort to push back.

"I believe there has been a concerted effort to tear me down, to attack me, and there certainly has been a double standard between me and others who run," said Hillary Clinton in an interview Monday with the editorial boards of two Philadelphia newspapers.

Experts say Clinton must walk a fine line between liberal democrats and most of the Wall Street establishment who favors her over Sanders and over Trump.

"The key behind it is, you know, the devil you know is better than the devil you don't know," said Ron D'Vari, of New Oak Capital.

But there are nuances between the democrats on regulatory issues such as the Glass Steagall Act, for example.

Sanders wants to reinstate it thus re-building the walls between investment banks, commercial banks and insurance companies.

Clinton would continue without them. Glass Steagall was repealed during her husband's administration.

In the end, it will all come down to voters, their economic priorities, and just how much sweeping change New Yorkers really want.

"Question is do New Yorkers want a pound of flesh for an industry that provides millions and millions of dollars in taxes and lots of jobs? Or do they want to say, 'You don't like the banks, we don't like the banks, let's get on with this,'" said Hank Sheinkopf, a political consultant.