rsn, 11 October 15
Back in 2000, before they almost ruined the economy and had to be bailed out, the five biggest banks on Wall Street held 25 percent of the nation’s banking assets. Now they hold more than 45 percent.
[...] This hidden federal guarantee against failure is estimated be worth over $80 billion a year to the big banks. In effect, it’s a subsidy from the rest of us to the bankers.
[...] Last May the Justice Department announced a settlement of the biggest criminal price-fixing conspiracy in modern history, in which the biggest banks manipulated the $5.3 trillion-a-day currency market in a “brazen display of collusion,” according to Attorney General Loretta Lynch.
[...] Although the banks have repaid the billions we lent them in 2008, many Americans are still living with the collateral damage from what occurred – lost jobs, savings, and homes.