Big 6 Banks Worth 64% of Nation’s GDP…up from 17% in 1995

[The Straight Story]

Big 6 Banks Worth 64% of Nation’s GDP…up from 17% in 1995

How big is too big when it comes to banks? Maybe when a mere half dozen institutions are worth more than 60% of the American economy.

The latest financial data from the third quarter of last year shows the assets of the six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—were worth 64% of the gross domestic product. Fifteen years ago, these banks represented only 17% of GDP.

JPMorgan Chase alone controls 46% of all bank deposits in the U.S. Here is the approximate asset value of each of the Big 6 Banks:
· JPMorgan Chase--$2 trillion
· Bank of America--$2 trillion
· Citigroup--$2 trillion
· Well Fargo--$1 trillion
· Goldman Sachs--$880 million
· Morgan Stanley--$820 million.

Neil Barofsky, the special inspector general put in charge of monitoring the 2008 bailout of Wall Street, wrote in his latest report that the government needs to consider letting too-big-to-fail banks suffer some pain, unless the nation wants to deal with another financial crisis in the future.

http://www.allgov.com/Where_is_the_Money_Going/ViewNews/Big_6_Banks_Worth_64_Percent_of_Nations_GDP__up_from_17_Percent_in_1995_110117