IN 2010 THE FIVE BIGGEST BANKS WALL STREET HELD MORE THAN HALF OF ALL BANKING ASSETS
DURING THE RECESSION, AMERICANS LOST $19.4 TRILLION IN WEALTH
THE FEDERAL RESERVE BANK OF DALLAS TOOK A STERN TONE ABOUT THE BIG BANKS' FAILURES:
IN 2011 THE COMPTROLLER OF THE CURRENCY IDENTIFIED THE TOP 5 US COMMERCIAL BANKS IN DERIVATIVES AS:
The remaining 5,700 small banks owned just 16 percent.
This was spurred in part by the subprime mortgages approved, packaged, and traded by big banks. To avoid financial meltdown, the U.S. government shored up the banks with $245 billion in taxpayer funds.
As a nation, we face a distinct choice. We can perpetuate too big to fail, with its inequities and dangers, or we can end it. Eliminating too big to fail won't be easy, but the vitality of our capitalist system and the long-term prosperity it produces hang in the balance.
BANK OF AMERICA