Policy Mic: 4 Companies Control the U.S. Banking Sector — This Chart Shows How

[OmahaBlueDog]

Citigroup, JPMorgan Chase, Bank of America, and Wells Fargo now dominate the U.S. financial sector. So much so that startup banks have stopped popping up. The Bank of Bird-in-Hand in Pennsylvania is the first federally approved startup in almost three years.

More at:http://www.policymic.com/articles/75367/4-companies-control-the-u-s-banking-sector-this-chart-shows-how

[indepat]

1. From many, four ravenous too-big-to-fail behemoths to pick the remaining carcasses

[Warren DeMontague]

2. Explains a lot, doesnt it?

[Egalitarian Thug]

3. K&R Can't be shown too often. n/t

[truedelphi]

4. And of course, many here will say this is Ronald Reagan's

Fault.

When it fact it happened under the purview of two Presidents, George W Bush and Barack Obama.

And in fact, Barack Obama chose one of the architects of this whole illegal RICO- styled shenanighans to head up The US Treasury. Geithner went on to make sure that Glass Steagall was not reinstated, so the whole house of cards could collapse at any point in time once again.

But hey! We're Number One. (In stupidity, at least, and in what Einstein would refer to as insanity.)

[mdbl]

5. don't discount Ray Gun and Bill Clinton's role

They gave Shrub and Obama plenty of ammo.

[merrily]

13. Carter is very proud of his role in de-regulating banks and other sectors.

Kindly Carter's role in deregulation and dismantling of the New Deal is most often overlooked--next to FDR's own role, who began dismantling his own New Deal, citing the war.

http://www.marketplace.org/topics/life/big-book/jimmy-carter-deregulation-health-care

[mdbl]

23. Funny how the right wing whakos hate him

Why do they hate such a kindred spirit? Is it because of that evil program Habitat for Humanity?

[OmahaBlueDog]

6. I've said this before- history's harshest judgement of Barack Obama will be...

...that he didn't break up the big 4 banks when he had his chance in 2009. In the wake of the TARP and "too big to fail", it was a once in a lifetime opportunity that was lost.

[CFLDem]

14. +1

[WhaTHellsgoingonhere]

21. What's Hillary going to do???

[OmahaBlueDog]

22. Most likely the same thing Barack did

Last edited Sun Dec 8, 2013, 11:36 AM - Edit history (1)

...and Elizabeth Warren would be hamstrung by a hostile congress.

ETA: I meant what I wrote when I stated it was a "once in a lifetime opportunity." 2009 offered a set of circumstances (as did the Great Depression) that would have allowed for bipartisan support of banking reform. Those circumstances won't likely occur again in my lifetime.

[merrily]

8. pssst

Not Einstein, only falsely attributed to Einstein.

[merrily]

9. Post deleted by merrily-wrong spot.

[truedelphi]

15. Did not know that. It looks like it may have come about because of

An athlete:
From wikiquotes, and Ben Franklin section of that:
"The definition of insanity...

"I respectfully suggest that the quote "The definition of insanity is doing the same thing over and over and expecting it to come out different" is a misattribution to both Franklin and Einstein. According to Google news archive, the earliest news article attributing the quote to Franklin is from 2004 [4]. The earliest attribution to Einstein is 1998 [5]. By contrast, the earliest Google news article that attributes "time is money" to Franklin is 1849 [6]"

"The earliest news article in Google's archives that has the quote "The definition of insanity is doing the same...." is 1991 to Zamberletti of the Vikings. He said "The definition of insanity is doing the same thing year after year and expecting different results" [7]

"The earliest reference to "insanity is doing the same thing over and over and expecting different results" is 1989 to david boswell [8]"

"The earliest reference to "the definition of insanity is doing..." is 1986 to Tony Elliott of the New Orleans Saints when he said "the definition of insanity is doing over and over again things that can kill you" [9]"

"A similar quote is from "Sudden Death" by Rita Mae Brown, from 1983."

"Any objection to moving "the definition of insanity..." to misattributions?--Nowa123 04:47, 24 February 2007 (UTC)

"It seems pretty clearly to be a misattribution. ~ Fnord 04:35, 24 February 2007 (UTC)

"Thanks for your input. If there are no objections by 3/1/07, I'll move it to misattributions.--Nowa123 14:06, 24 February 2007 (UTC)"

I found a 1925 New Yorker that attributes the quote to Einstein here. I updated accordingly. - Stillwaterising 05:48, 24 February 2010 (UTC)

Above link is wrongly cited. Withdrawn. - Stillwaterising 20:09, 24 February 2010 (UTC)

[merrily]

16. It comes about because people lie and/or are misinformed.

"The" definition of insanity is a tell.

Eisenstein seems far too thoughtful to discount clinical definitions.

When I originally heard the comment, it was not attributed to Einstein, and it began "One definition of insanity." That at least makes a little sense on its face.

[defacto7]

7. Look a little closer...

These are our owners:

State Street Corporation
Vanguard Group
BlackRock
FMR (Fidelity)

Bank of America:
State Street Corporation, Vanguard Group, BlackRock, FMR (Fidelity), Paulson, JP Morgan, T. Rowe, Capital World Investors, AXA, Bank of NY, Mellon.

JP Morgan:
State Street Corp, Vanguard Group, FMR, BlackRock, T. Rowe, AXA, Capital World Investor, Capital Research Global Investor, Northern Trust Corp. and Bank of Mellon.

Citigroup:
State Street Corporation, Vanguard Group, BlackRock, Paulson, FMR, Capital World Investor, JP Morgan, Northern Trust Corporation, Fairhome Capital Mgmt and Bank of NY Mellon.

Wells Fargo:
Berkshire Hathaway, FMR, State Street, Vanguard Group, Capital World Investors, BlackRock, Wellington Mgmt, AXA, T. Rowe and Davis Selected Advisers.

There appears to be 4 entities present in all these banks:
State Street Corporation
Vanguard Group
BlackRock
FMR (Fidelity)

The "big four".

The next 4 corporations are next in line in size...

Goldman Sachs:
"The big four", Wellington, Capital World Investors, AXA, Massachusetts Financial Service and T. Rowe.

Morgan Stanley:
"The big four", Mitsubishi UFJ, Franklin Resources, AXA, T. Rowe, Bank of NY Mellon e Jennison Associates. Rowe, Bank of NY Mellon and Jennison Associates.

Bank of NY Mellon:
Davis Selected, Massachusetts Financial Services, Capital Research Global Investor, Dodge, Cox, Southeastern Asset Mgmt. and ... "The big four".

State Street Corporation (one of the "big four&quot :
Massachusetts Financial Services, Capital Research Global Investor, Barrow Hanley, GE, Putnam Investment and ... The "big four" (shareholders themselves!).

BlackRock (another of the "big four&quot :
PNC, Barclays e CIC

The eight largest U.S. financial companies (JP Morgan, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, U.S. Bancorp, Bank of New York Mellon and Morgan Stanley) are 100% controlled by ten shareholders and we have four companies always present in all decisions: BlackRock, State Street, Vanguard and Fidelity.

The Federal Reserve is comprised of 12 banks, represented by a board of seven people, which comprises representatives of the "big four", which in turn are present in all other entities. So it seems the Federal Reserve is controlled by four large private companies: BlackRock, State Street, Vanguard and Fidelity. These companies control U.S. monetary policy (and world) without any control or "democratic" choice.

These are some of the companies controlled by this "big four" group:

Alcoa Inc. - Altria Group Inc. - American International Group Inc. - AT&T Inc. - Boeing Co. - Caterpillar Inc. - Coca-Cola Co. - DuPont & Co. - Exxon Mobil Corp. - General Electric Co. - General Motors Corporation - Hewlett-Packard Co. - Home Depot Inc. - Honeywell International Inc. - Intel Corp. - International Business Machines Corp - Johnson & Johnson - JP Morgan Chase & Co. - McDonald's Corp. - Merck & Co. Inc. - Microsoft Corp. - 3M Co. - Pfizer Inc. - Procter & Gamble Co. - United Technologies Corp. - Verizon Communications Inc. - Wal-Mart Stores Inc. - Time Warner - Walt Disney - Viacom - Rupert Murdoch's News Corporation. - CBS Corporation - NBC Universal

The same "big four" control the majority of European companies counted on the stock exchange.

The powers that be are even higher up than the banks...

[merrily]

10. A few corporations control just about everything, including banks and broadcasting.

Look at your list. Time Warner, Disney, Murdoch, CBS, NBC, etc.--same companies that control all or nearly all the reporting in the US. Even most of the internet journalists are commenting only on the "facts" delivered by these companies.

[snot]

18. Thanks for the analysis.

K&R'd & bookmarked.

[defacto7]

19. Sure...

There's more and it's crazy as hell... Maybe other people want to check around... challenge the data... It's an eye opener.

[merrily]

11. The thing that matters is, what, if anything, will we do about it?

Please don't say elect more Democrats.

[Agschmid]

24. Let's hear your answer?

[Skip Intro]

12. Talk about too big to fail. n/t

[Rex]

17. Predatory capitalism at it's finest!

Too big to fail, too corrupt to give a shit.

[Wilms]

20. ^