Word: bigs
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Dates: during 2000-2009
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Conglomerate banks that are too big to fail are often too big for executives to manage effectively. As Spitzer pointed out last week, most bank CEOs probably did not want to take on ruinous amounts of risk, but the scale of their operations hindered their oversight. Unsurprisingly, these financial behemoths tend to become unwieldy as they attempt to do too much at once. Consider the case of Citigroup, the product of Citibank’s historic 1998 merger with Travelers, an insurance company. The one-time “financial supermarket” was exposed as a bloated, mismanaged basket...
Finally, conglomerate banks are often large enough to stifle competition. Last month, Alan Greenspan argued that institutions deemed “too big to fail” operate under an implicit subsidy from the government, since they would likely be rescued in a future financial emergency. This allows these banks to borrow more cheaply than their competitors and gain even greater market share. Today, four conglomerate banks (JPMorgan, Citigroup, Wells Fargo, and Bank of America) hold 39 percent of all domestic deposits. Placing this many eggs in four baskets will harm the entire economy should one mega-bank falter...
Reversing Gramm-Leach-Bliley would help prevent future financial crises before they start, improve the efficiency of America’s banks, and protect taxpayers from future bailouts. Instead of being too big to fail, America’s banks ought to be small enough to succeed...
...absolutely! I feel like since I made vows to love and cherish the earth, my heart is so open, and my love has grown so big, and it’s so deeply satisfying...
...big Game approaches, Harvard students find themselves desperately seeking a place to lay down their heads after a drunken night of revelry to prepare for even drunker revelry to come on Game day. Young men and women turn to friends, family, or anyone really, in search of a place to stay, hoping they won’t find themselves turned out on the streets. Don’t worry—FM helps keep the Harvard homeless off the crazy streets of New Haven...