Skip to comments.Obama’s aim to end ‘too big to fail’ undercut, report says
Posted on 04/16/2012 4:05:52 PM PDT by Oldeconomybuyer
President Obamas bid to end the problem of big banks becoming too big to fail is falling far short of its aim, according to a report.
Bloomberg News reported Monday that today the nations largest banks are bigger than they were before the credit crisis.
Five of the nations biggest banks are about twice as large as they were a decade ago relative to the size of the economy, the report shows, raising concern that trouble at a major bank would have a detrimental effect on the broader financial system and force the government to intervene to prevent a crisis, as it did during the 2008 credit crunch.
JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs collectively held $8.5 trillion in assets at the end of 2011, equivalent to 56 percent of the U.S. economy, the report said, citing data from the U.S. Federal Reserve.
Five years earlier, before the financial crisis, those banks held assets that amounted to 43 percent of U.S. output, Bloomberg said.
(Excerpt) Read more at marketday.msnbc.msn.com ...
Obama sure talks about himself a lot.