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Robot Pirate Ninja

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Megabanks To Remain Behemoths

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$content = [

http://www.huffingtonpost.com/2010/05/06/senate-votes-for-wall-str_n_567063.html

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The banks owned by the four largest financial firms in the U.S. collectively account for about 45 percent of all assets in the U.S. banking system, according to a HuffPost analysis of Federal Deposit Insurance Corporation data.

Those four megabanks collectively hold about $7.4 trillion in assets, according to the most recent regulatory filings with the Federal Reserve. That’s equal to about 52 percent of the nation’s estimated total output last year.

The top 12 banks in the U.S. control half the country’s deposits. By comparison, it took 25 banks to accomplish this feat in 2003 and 42 banks in 1998, according to a Jan. 4 research note by Jason M. Goldberg of Barclays Capital.

There are 23 bank-holding companies in the U.S. with more than $100 billion in assets, according to Federal Reserve data.

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Deregulation leads to consolidation, not competition.

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RobotPirateNinja

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