10 signatures reached
To: President Donald Trump, The United States House of Representatives, and The United States Senate
Break up the mega banks
The banking oligopoly/oligarchy is more harm than good. Too much concentration of capital, not only financial but also political capital, in any oligopoly/oligarchy can distort the economy, such as the 2008 credit crisis.
JPMorganChase: Mergers of Chase Bank, Chemical Bank, JP Morgan & Co., Bank One, Bear Stearns
Citigroup: Mergers of Citibank, Salomon Brothers, Smith Barney, Travelers Group
Bank of America: Mergers of Bank of America, Merrill Lynch, Countrywide Financial
This has caused thousands of job losses, while at the same time caused increases in compensation to top management.
Do we want to see too much concentration of financial, and political capital in the banking oligarchy? If your answer is "No" then let's break up the "O" (as in Oligarchy)
JPMorganChase: Mergers of Chase Bank, Chemical Bank, JP Morgan & Co., Bank One, Bear Stearns
Citigroup: Mergers of Citibank, Salomon Brothers, Smith Barney, Travelers Group
Bank of America: Mergers of Bank of America, Merrill Lynch, Countrywide Financial
This has caused thousands of job losses, while at the same time caused increases in compensation to top management.
Do we want to see too much concentration of financial, and political capital in the banking oligarchy? If your answer is "No" then let's break up the "O" (as in Oligarchy)
Why is this important?
Mega banks such as JPMorganChase, Bank of America, and Citigroup were created via mergers of their smaller competitors these past 15 years. This gives the banking oligopoly/oligarchy a disproportionate economic power over the nation's banking industry.
The credit crisis that started in 2008 was partly caused by the banks themselves. And the repeal of the Glass-Steagal Act in 1999 is also partly responsible.
A break-up of these mega-banks would set a good example for the rest of the world, especially in high-finance.
The credit crisis that started in 2008 was partly caused by the banks themselves. And the repeal of the Glass-Steagal Act in 1999 is also partly responsible.
A break-up of these mega-banks would set a good example for the rest of the world, especially in high-finance.