J.P. Morgan Chase, an amalgam of some of Wall Street's most storied institutions, now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show.
We're heading in the wrong direction. Is it any wonder credit card interest rates in this country are 25% during a time of recession, and savings rates paid out are 1% or less?
And what is being done to break up these "too big to fail" institutions? Competition obviously isn't keeping costs down, and if they were too big to fail last fall, they're REALLY TOO BIG TO FAIL NOW.
http://www.msnbc.msn.com/id/32591904/ns/business-washington_post/
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