Need anything be added to this startling revelation?...
"Who would have thought five years ago, after we witnessed firsthand the dangers of an overly concentrated financial system, that the Too Big to Fail problem would only have gotten worse?" Warren asked, speaking at an event organized by progressive think tank the Roosevelt Institute and Americans for Financial Reform.
"Today, the four biggest banks are 30% larger than they were five years ago," she continued. "And the five largest banks now hold more than half of the total banking assets in the country. One study earlier this year showed that the Too Big to Fail status is giving the 10 biggest U.S. banks an annual taxpayer subsidy of $83 billion."
An indictment of governments - whether in the USA, Britain and elsewhere - who have simply sought, and obtained, the payment of huge monetary penalties from some financial institutions for their fiscal "misbehaviour" before the GFC. But directors? Or those down the chain? Nope!!!
"Who would have thought five years ago, after we witnessed firsthand the dangers of an overly concentrated financial system, that the Too Big to Fail problem would only have gotten worse?" Warren asked, speaking at an event organized by progressive think tank the Roosevelt Institute and Americans for Financial Reform.
"Today, the four biggest banks are 30% larger than they were five years ago," she continued. "And the five largest banks now hold more than half of the total banking assets in the country. One study earlier this year showed that the Too Big to Fail status is giving the 10 biggest U.S. banks an annual taxpayer subsidy of $83 billion."
An indictment of governments - whether in the USA, Britain and elsewhere - who have simply sought, and obtained, the payment of huge monetary penalties from some financial institutions for their fiscal "misbehaviour" before the GFC. But directors? Or those down the chain? Nope!!!
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