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Public Banking Institute Calls Largest Wall Street Banks “Unsafe,” and Backs It Up By Pam Martens

• http://wallstreetonparade.com/2013/08/public-banki
According to the OCC, as of March 31, 2013, banks held $231.6 trillion (with a “t”) in derivative notional (face) amounts. Just four banks are responsible for 93 percent of that amount: JPMorgan Chase with $70.2 trillion; Citibank (part of Citigroup) with $58.4 trillion; Bank of America with $44.5 trillion; and Goldman Sachs Bank USA with $42.2 trillionWhile each of the first three banks have over $1 trillion in assets, Goldman Sachs Bank USA is showing $42.2 trillion in derivatives with a sliver of assets of $113.7 billion. Goldman Sachs, founded in 1869 as an investment bank, was miraculously transformed into a bank holding company by the Federal Reserve during the depths of the financial crisis of 2008, gaining access to borrow at the Federal Reserve’s discount window and other bailout schemes rolled out in the wake of the epic collapse of century old financial firms because of…(wait for it)…excessively leveraged bets on derivatives.

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