Too Big To Succeed : 10 Banks Own 77 % Of All U.S. Banking Assets. Big Banks mega fraud on USA.
Back in 2002, the top 10 banks controlled 55 percent of all U.S. banking assets. Today, the top 10 banks control 77 percent of all U.S. banking assets. Unfortunately, these giant banks are also colossal mountains of risk, debt and leverage. They are incredibly unstable and they could start coming apart again at any time. None of the major problems that caused the crash of 2008 have been fixed. In fact, the U.S. banking system is more centralized and more vulnerable today than it ever has been before.
Today, Wall Street has become one giant financial casino.
“big six” U.S. banks (Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo) now possess assets equivalent to approximately 60 % of America’s gross national product.
As a group, Citigroup, JPMorgan Chase, Bank of America and Wells Fargo held approximately 22 % of all banking deposits in FDIC-insured institutions back in 2000.
By the middle of 2009 that figure was up to 39 percent, a landslide.
Today, there are more than 1,000 U.S. banks that are on the “unofficial list” of problem banking institutions.
The American people were promised that TARP and all of the other bailouts would enable the big banks to lend out lots of money which would help get the economy going for ordinary Americans again.
Well, it turns out that in 2009 (the first full year after Congress passed the bailout legislation) U.S. banks posted their sharpest decline in lending since 1942.
the biggest U.S. banks have actually reduced small business lending by about 50 percent since the crash of 2008.
These “too big to fail” banks have been able to borrow gigantic amounts of money from the Fed for next to nothing and yet they still refuse to let credit flow to local communities
What makes things even worse is that these big banks often pay next to nothing in taxes.
For example, between 2008 and 2010, Wells Fargo made a total profit of 49.37 billion dollars.
Over that same time period, their tax bill was negative 681 million dollars