Heard a really interesting stat this morning on Sirius/XM’s POTUS radio show about the growing domination of our nation’s too-big-to-fail banks.
Cam Fine, CEO of the Independent Community Bankers of America, explained that if you took a look at the finances of the nation’s 7,000 banks here’s what would stand out: the total assets of the bottom 6,922 banks would fall $1 trillion short of the total assets of just two mega-banks -- Chase and Bank of America.
Fine was on POTUS’ new Michael Smerconish Show discussing the bipartisan Brown-Vitter bill in the Senate that would raise the mandatory capital ratios (the amount of reserves on hand) of the big banks from about 3 percent up to 15 percent. That, Fine said, would tamper down the “casino banking” that is so prevalent on Wall Street.
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