The four biggest banks in the country now control 62% of all bank assets in this country, up from 54% five years ago when housing/banking troubles started. According to the Wall Street Journal, 

  • JP Morgan/Chase assets have increased from $1.3 trillion to $2.3 trillion 
  • Bank of America has grown from $1.4 to $2.2 trillion 
  • Citibank has edged up from $1.8 to $1.9 trillion 
  • Wells Fargo has gone from $.5 to $1.3 trillion 

During the same five year period, housing prices have tumbled by 50% or more in some markets and home sales, job growth and consumer confidence continue to stagnate across the country.. 

These banks that were billed as 'too big to fail' were massively bailed out by the federal government. They have used that money to shore up their profitability, pay executive bonuses and gobble up smaller banks that were not 'too big to fail'. Meanwhile they steadfastly refuse to clean up the problems they created and have held a true recovery in the housing market in abeyance by allowing the foreclosure crisis to drag on and refusing to inject private capital into the mortgage market. 

They continue to spend lavishly trying to overthrow those portions of  Dodd/Frank that limit their ability to soak the public (i.e. debit card swipe fees) while attempting to circumvent older regulations preventing their entry into real estate and other investment markets. 

Too big to fail? Or just too big to nail? Maybe a couple high profile perp-walks would catch their attention. Any of you federal law enforcement types, regulatory weenies or other do-gooders got the balls to sweat Angelo under the bright lights? Naw, I didn't think so. 

And the beat goes on.   

pig

 
Post is included in group: Crap
Post is included in group: Dissent
Post is included in group: Realtors®
Post is included in group: Silent Majority
Post is included in group: The Lounge at Active Rain

8 Comments on Too big to fail? Or just too big to nail?

DEC
07
2011
262,068 Points Called Shot Master

To big is much of theproblem.  Anyone trying  to do the right thing gets buried in attorney fees.
4:54pm • #1
158,040 Points 2 Featured Posts Called Shot Master

What if the system is working as designed. What if the Federal Reserve, The Council of Foreign Relations, etc. were created by these international bankers to benefit themselves in the future? Maybe this will open your eyes: None dare call it a conspiracy
5:44pm • #2
330,255 Points 5 Featured Posts Outside Blog Attended Rain Camp

If you saw 60 Minutes on Sunday, you really will wonder why no one has been prosecuted.  Also, here's a link to 60 Minutes Overtime; Behind the financial crisis: A fraud investigator talks.

"It's been three years since the financial crisis crippled the American economy," Steve Kroft begins his 60 Minutes piece this week. "[Yet] there has not been a single prosecution of a high ranking Wall Street executive or major financial firm."
7:47pm • #3
DEC
08
2011
1,951,797 Points 478 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

The banks got just what they paid for, a two presidents, two secretaries of the treasury, a fed chairman and a congress.  That's why we don't hear them complaining. 
5:45am • #4

Just watched the 60 Minutes link posted by Karl.  Thank you for this.

No one seems to have the courage to fix the ROOT CAUSE of this mess!  If the investment community hadn't created a market where they were willing to purchase a loan that had been made to anyone willing to lie to obtain it, this process could not have moved forward!  The banking system is the most highly regulated and "supervised" business in the US and look where it lead us...shameful!
11:52am • #5
648,311 Points 63 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Great post - suggested. If it hits the featured blog roll it will make for some very lively discussion. 
2:59pm • #6
223,809 Points 35 Featured Posts

The 60 minutes piece summarized what a lot of us already knew - that in spite of rolling the country to the brink of financial disaster nobody, NOBODY, has been tagged yet. Angelo got a little slap on the wrist but most of the rest of the perps are still in place and getting richer. The politico's love to point fingers but since it was their hand stirring the pot, they're not too anxous to take it any further. In reality, they created the environment for this kind of chicanery to flourish, then they pronounced it good and profitable right up until the wheels came off the train. Then they got all self-righteous and indignant for a couple minutes and then sat back and prayed it would all blow over.
7:44pm • #7
DEC
10
2011
330,255 Points 5 Featured Posts Outside Blog Attended Rain Camp

Gene, comment #7 is EXACTLY on target!
7:55am • #8

Login or register to leave a comment