Nov. 6, 2008 Just 3 'superbanks' now dominate industry
The financial crisis that has been sweeping the globe has reshaped nearly every corner of the economy, but no industry has been altered more radically than banking. Several of the nation's biggest banks have failed or been absorbed by healthier institutions, leaving three giant "superbanks" with an unprecedented concentration of market power: Bank of America, JPMorgan Chase and Wells Fargo. "Bank fees are going up, up, up, and that's the danger to consumers as more of these banks consolidate," says Sally Greenberg, executive director of the National Consumer League. "It's difficult for the average person to get a bank account that doesn't involve fees, and if you get into financial distress you're cooked, and you'll be 'fee-ed' to death." According to a recently released banking fee study from Bankrate.com, ATM surcharges rose 11 percent this year, and the fee for a bounced checks rose 2.5 percent. In fact, existing federal banking laws say that no bank can have more than 10 percent of the domestic deposit market - a threshold recently surpassed by all three superbanks. When asked whether the government would take any action, a Justice Department official was noncommittal. The Treasury is pouring some $250 billion of taxpayer money into healthy financial institutions, and some of that is being used by stronger banks to snap up weaker rivals. more here: http://www.msnbc.msn.com/id/27441147 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "ShadowGovernment" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/ShadowGovernment -~----------~----~----~----~------~----~------~--~---
