Down with the Big Banks...

Cancel 2016.2

Cancel 2016.2

The Almighty
http://www.bloomberg.com/news/2013-02-20/why-should-taxpayers-give-big-banks-83-billion-a-year-.html

...
Small as it might sound, 0.8 percentage point makes a big difference. Multiplied by the total liabilities of the 10 largest U.S. banks by assets, it amounts to a taxpayer subsidy of $83 billion a year. To put the figure in perspective, it’s tantamount to the government giving the banks about 3 cents of every tax dollar collected.


The top five banks -- JPMorgan, Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and Goldman Sachs Group Inc. - - account for $64 billion of the total subsidy, an amount roughly equal to their typical annual profits (see tables for data on individual banks). In other words, the banks occupying the commanding heights of the U.S. financial industry -- with almost $9 trillion in assets, more than half the size of the U.S. economy -- would just about break even in the absence of corporate welfare. In large part, the profits they report are essentially transfers from taxpayers to their shareholders.


Neither bank executives nor shareholders have much incentive to change the situation. On the contrary, the financial industry spends hundreds of millions of dollars every election cycle on campaign donations and lobbying, much of which is aimed at maintaining the subsidy. The result is a bloated financial sector and recurring credit gluts. Left unchecked, the superbanks could ultimately require bailouts that exceed the government’s resources. Picture a meltdown in which the Treasury is helpless to step in as it did in 2008 and 2009.
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I left Wells Fargo reciently for a local bank. My business accounts have been with a Spanish Bank for a long time.
 
Jarod said:
I left Wells Fargo reciently for a local bank. My business accounts have been with a Spanish Bank for a long time.
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So you are off shoring capital? Traitor... but good on ya for dumping Wells. Everyone should go to regional/local bank or credit union and give the big wall st banks a collective one finger salute.
 
http://www.bloomberg.com/news/2013-...uses-climb-8-to-20-billion-dinapoli-says.html

Wall Street’s cash bonus pool rose 8 percent to $20 billion in 2012 as profits surged, according to projections by New York state Comptroller Thomas DiNapoli.
Employees took home an average cash bonus of almost $121,900 last year, DiNapoli, a 59-year-old Democrat, said today in a conference call with reporters. The pool climbed as some firms moved up payments to 2012 to avoid paying higher federal personal income taxes taking effect this year and as profits in the securities industry increased three-fold, he said.
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Superfreak said:
So you are off shoring capital? Traitor... but good on ya for dumping Wells. Everyone should go to regional/local bank or credit union and give the big wall st banks a collective one finger salute.
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My guess is that smaller regional banks won't be long for the world. Regulations are too onerous.

The irony is that the do gooders always say the regulations are designed to stop the big guys but as with all liberal gobblement policies, the opposite happens
 
I say the next major bank to be bailed out gets broken up. This is getting tiresome. Since I was a WaMu customer, I don't really have any customer loyalty to Chase. If Navy Federal ever opens up a branch near me (the cities of Lacey, Bremerton, and Everett are not close), I would totally jump over.
 
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