Alabama Real Estate

One Single Super Bank For The USA

In the US Citigroup buys Wachovia Banking Operations are the latest headlines causing a stir amongst the financial markets of the world. It seems the fittest are surviving in the banking world as the big boys eat up the weak and poor banks, but where will it all end? Does the promise of The Emergency Stabilisation Act or Bail Out by George Bush mean that this is the last buy out or takeover?

It seems that many banking organisations that have increasing strength will now have the power. When I say the power I mean they could now get it all their own way with consumers, the markets and the US government.

We all know that competition is healthy in letting the markets decide on pricing and the products that are available. What if we end up with one super bank one unelected corporation that can have a huge influence over us all? The consequences are potentially catastrophic

The sale to Citigroup further concentrates Americans’ bank deposits in the hands of just three banks: Bank of America, JPMorgan Chase and Citigroup would control more than 30 percent of the industry’s deposits.

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Tags: Bail Out, bank of america, Banking, Citigroup, JP morgan, The Emergency Stabilisation Act, US, USA, Wachovia