11 Facts you need to know about the Nation's Biggest Banks

[mod mom]

11 Facts You Need To Know About The Nation’s Biggest Banks
By Pat Garofalo on Oct 7, 2011 at 1:05 pm

The Occupy Wall Street protests that began in New York City more than three weeks ago have now spread across the country. The choice of Wall Street as the focal point for the protests — as even Federal Reserve Chairman Ben Bernanke said — makes sense due to the big bank malfeasance that led to the Great Recession.

While the Dodd-Frank financial reform law did a lot to ensure that a repeat of the 2008 financial crisis won’t occur — through regulation of derivatives, a new consumer protection agency, and new powers for the government to dismantle failing banks — the biggest banks still have a firm grip on the financial system, even more so than before the 2008 financial crisis. Here are eleven facts that you need to know about the nation’s biggest banks:

– Bank profits are highest since before the recession…: According to the Federal Deposit Insurance Corp., bank profits in the first quarter of this year were “the best for the industry since the $36.8 billion earned in the second quarter of 2007.” JP Morgan Chase is currently pulling in record profits.

– …even as the banks plan thousands of layoffs: Banks, including Bank of America, Barclays, Goldman Sachs, and Credit Suisse, are planning to lay off tens of thousands of workers.

-snip

http://thinkprogress.org/economy/2011/10/07/338887/1-facts-biggest-banks/

worth a full read but this little makes me sick...as we bailed out their sorry asses "Big banks paid 5,000 bonuses of at least $1 million in 2008" :mad:

[SixthSense]

1. also

these banks outsourced large parts of their operations to India over the past 8 years, while they cut US workers

[FarCenter]

2. They were encouraged to do so by the US government to support foreign policy objectives

India is seen as a key ally in the War on Terror because of its position in the Indian Ocean adjacent to Pakistan and near other Muslim states. It is also a key military power in the South Asian, Indian Ocean area with naval and air assets.

The US was keen to move India away from its traditional "non-aligned" posture and into alliance with the US.

The US looked with favor on the growth of economic and business ties with India that supported its geopolitical strategy.

When it comes to national security and foreign policy, American workers don't count, especially among the NeoCons.

[highplainsdem]

3. K&R