Monday, November 23, 2020

Tag: Financial System of U-S- Rests on Health of Just Five Mega Banks

Financial System of U.S. Rests on Health of Just Five Mega Banks

by Pam Martens and Russ Martens, Wall Street On Parade:
According to the Federal Deposit Insurance Corporation (FDIC), as of March 31, 2017 there were a total of 5,856 banks in the U.S. operating under its Federal deposit insurance umbrella. But according to government financial researchers, five of those banks pose an ongoing material threat to the U.S. financial system. Not surprisingly, those five banks hold insured deposits for savers while simultaneously engaging in highly leveraged, high risk trading on Wall Street.

On June 27, Janet Yellen, the Chair of the U.S. Federal Reserve (the nation’s central bank) spoke at an event at the British Academy in London.