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LABOR News

September 25, 2013
Big Banks are Bigger Than Ever

                Largest U.S. Banks Bigger Than Ever
 
The very banks that brought on the 2008 financial melt down are bigger than ever. In the past five years the assets of the six largest banks have grown a monstrous 37%. Meanwhile the competition has dwindled as 1,400 banks have disappeared. 485 failed and the rest were swallowed up by larger institutions.
 
These banks are too big to manage and they're too big to regulate," said Sen. Sherrod Brown (D-Ohio). "Too-big-to-fail hasn't been fixed."
 
The U.S. banking system has 14.4 trillion dollars in total assets.  The six largest banks now account for 67 percent of those assets and the other 6,934 banks account for only 33 percent of those assets. It is disheartening to realize that a disproportionate number of dollars are under the control of the very banking institutions that brought America to the verge of economic collapse.
 
While union workers suffered job loss and hardship, the Mega Banks went on getting richer. And how many of Labor’s dollars are held by these Mega Banks? More than $3 Trillion in Taft-Hartley and public sector funds are turning a profit for banks that support anti-labor organizations, causes and candidates.
 
Here at Bank of Labor we stand in solidarity with the Labor Movement. We support Labor’s values and causes. When you bank you have a choice, choose to bank with Bank of Labor.