I've long been a believer that 'Too Big To Fail' means 'Too Big To Exist', and that mergers and acquisitions (M&A) have no benefit for anyone outside of executives and stockholders (the former is entirely 1%ers, and the latter is about 60% 1%ers).
And I knew that this process of consolidation was also leading the government to send big subsidies the way of those companies. And I'd recently learned that those subsidies were basically the entirety of the profits of the banking industry.
But it was still a bit of a surprise to find out that the FDIC had been quietly settling fraud cases with minimal settlements for a number of years.
Yeah, that'll get them to stop. Sure it will. As will Holder's recent admission that he is unable to prosecute these people. Uh huh. I'm just going to hold my breath until that works.
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