Not SAFE From Too Big To Fail
Senator Sherrod Brown, D-OH, posted recently in WaPo that he would like to break up the ‘too big to fail’ banks. Toward that effort he introduced the SAFE Banking Act garnering the support of a bipartisan group of some 33 senators. Had the SAFE Act passed it would have ended taxpayer subsidy enjoyed by the largest banks
Following the 2008 recession gov't placed some 20 big banks in the too big to fail category giving implicit guarantee of gov't bailout when the big banks hit the rocks. Rating agencies give sway to these 'too big to fail' banks giving them a boost in their competition with smaller banks. Bondholders charge these banks less to borrow as they 'can't fail'. They can borrow at a rate some 50 to 80 basis points than can smaller banks, thanks to the gov't guarantee.
Being 'too big to fail' allows one to take risk that your competition would avoid. They can raise less equity and hold more debt. Sherrod states that 'wall street banks should use investor money - - not U.S. taxpayers money - - to make their bets'.
The Dodd-Frank Wall St Reform Act may address some of the 'too big to fail' problem. The JP Morgan Chase bank recently lost some $2B over six weeks and people are watching that situation as to how the Dodd-Frank law may be applicable.
Under Sherrod's bill no bank could assume more than 10% of financial sector liability or have total liability of more than $1.3T. Currently, the big six represent 64% of the nations GDP
I think it is SAFE to say that the Corpocracy will move the goal post only slightly to give the sheepel rave confidence that banks are well regulated.
Seems regulating big banks falls right in there with regulating the drug trade, immigration, military industrial complex, ad infinitum, etc. Is free trade fair trade? In this Corpocracy fair is what you can get away with.
Otherwise, we have the Corpocracy we deserve.
Posted by Roy Ellis at June 8, 2012 1:21 PM
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