US Bank Concentration in the wake of GFC

The continuing development of finance capital has indeed led to monopolistic effects. The blog Global Economic Intersection published an interesting graphic in a syndicated blog article on the recent spate of banks payments for fraud without indictments entitled Bank Fraud: Underlings Arrested, Banks to big to indict.

The image shows that banks have bought up each other in the wake of the Global Financial Crisis (GFC) and have thereby concentrated bank assets among a very small oligopoly.

As John Lounsbury wrote:

• At the end of 2000 there were 7 such banks and they controlled 27% of all U.S. bank assets.

• At the end of 2005 there were 13 such banks and they controlled 41% of all U.S. bank assets.

• At the end of 2007 there were 17 such banks and they controlled 53% of all U.S. Bank assets.

• At the end of 2009 there were 16 such banks and they controlled 56% of all U.S. bank assets.

• As of 07 December 2012 just 6 mega banks control 73% of all U.S. banking assets.

A Mafioso organization could not have been more successful with any bribery corruption scheme.