Wells Fargo

Bloomberg: The Largest U.S. Banks Aren’t Really Profitable At All

This makes me frustrated. No one should ever be “too big to fail”. That’s a poppycock soundbite to maintain the status quo. How do we, as everyday citizens, bring about actual change for things like this?

From www.bloomberg.com:

“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.1

  1. Emphasis added