Did you know that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo have 50% of the assets of the 5,406 FDIC-insured commercial banks and savings institutions in America? That's what the House Financial Services Committee concluded in their latest report, “As of December 31, 2018, there were 5,406 FDIC-insured commercial banks and savings institutions that held a combined $17.9 trillion in assets…”. The Committee then notes that there are eight mega banks in the U.S. “that hold a combined $11.1 trillion in assets, comprising roughly 50 percent of domestic banking assets.”
It concludes that these six banks “have engaged in—and continue to engage in—a crime spree that spans the violation of almost every law and rule imaginable. Taking the breadth and depth of their illegal conduct as a whole, the six biggest banks in the country look like criminal enterprises with RAP sheets that would make most career criminals green with envy. That was the case not just before the 2008 crash, but also during and after the crash and their lifesaving bailouts…In fact, the number of cases against the banks has actually increased relative to the pre-crash era.”
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