Too big to fail, and only getting bigger | Oxfam: Politics of Poverty
I’ve been learning a lot about the U.S. financial sector recently and was surprised to realize that the five largest U.S. banks – JP Morgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, and US Bank – control nearly half of all assets in the U.S. banking sector. For those who have been working in this field for some time, this news may not be surprising. But what is perhaps most distressing is that this trend was not stopped – or even really slowed – by the financial crisis, and the five biggest banks continue to grab hold of a larger and larger share of total banking assets over time.
What should we expect to happen when the next bubble pops?