Bloomberg story here:
Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the credit crisis.
Five banks — JPMorgan Chase & Co. (JPM), Bank of America Corp., Citigroup Inc., Wells Fargo & Co., and Goldman Sachs Group Inc. — held $8.5 trillion in assets at the end of 2011, equal to 56 percent of the U.S. economy, according to the Federal Reserve.
Five years earlier, before the financial crisis, the largest banks’ assets amounted to 43 percent of U.S. output.
As with all politicians, bankers, and lawyers this is easy to explain.
There is what they SAY, and there is what they DO.
When you look at what Obama has done to end too big to fail, you realize he was never committed to really doing something about it.
As I blogged over the weekend, it’s part of a theater show for the American voter. Folks are pissed off at banks for a multitude of reasons — Obama sees that and says he’s gonna take care of it.
Time passes and speeches fade and nothing gets done.
That’s where we’re at right now.