Monday, November 21, 2011

Banks that are officially listed as too big to fail

In 2008, the American people learned a new catch phrase during the credit crisis and bursting of the Housing Bubble.  That term was known as 'too big to fail', and allowed the government and the Fed to use taxpayer money to bailout financial institutions that were not only created by Congressional legislation and supported oversight, but should have been allowed to fail as was the standard in the past for bankrupt companies.

Once again in 2011, the issue has proven not to have been addressed, and the Financial Stability Board (FSB) has issued a list of 29 banks that are given the gold seal of 'too big to fail'.

The initial list of G-SIFIS:

Belgium: Dexia

China: Bank of China

France: Banque Populaire, BNP Paribas, Crédit Agricole, Société Générale

Germany: Commerzbank, Deutsche Bank

Italy: Unicredit

Japan: Mitsubishi, Mizuho, Sumitomo Mitsui

Netherlands: ING

Spain: Santander

Sweden: Nordea

Switzerland: Credit Suisse, UBS

UK: Barclays, HSBC, Lloyds, Royal Bank of Scotland

US: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street, Wells Fargo
What you may find interesting, is that many of these banks are owners of the US Federal Reserve, so this is the KEY fundamental which allows the designation of 'too big to fail'.

The powers that be will NEVER allow their own to suffer, not when they can get their minions in government to protect them at all cost at the detriment of the people.


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