Fun fact. In 2000, just before the financial crisis, 5 wall street banks held 25% of Americas banking assets. As a result, when a few banks failed on the back of high-risk assets it kicked off a 10 year recession and 1M americans lost their homes. Today, in 2015, 5 wall street banks hold 45% of Americas banking assets -- almost twice as much money in only 5 companies. A recent report shows Goldman and others are buying properties from Spain to Utah, again, with money borrowed at low interest rates. Which is to say that, once again, the entire US economy is riding on the performance of a 5 banks with a habit of taking risks; and the (largely) republican senators who are fighting to strip out the regulations that would prevent them from becoming over-leveraged.
Posted on: Tue, 27 Jan 2015 22:25:40 +0000
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