BofA, JPMorgan, Citi, Wells, Goldman and Morgan -- the nation's six biggest bank holding companies by assets -- collectively hold more than $9.4 trillion, according to their most recent quarterly filings with the Federal Reserve.
That's equivalent to two-thirds of the nation's total economic output last year, according to International Monetary Fund figures. It's also greater than the 2009 output of every other nation on Earth.
It's $1.1 trillion more than the combined 2009 outputs of China and Germany, the world's third- and fourth-largest economies, respectively, IMF data show.
"If we are to neutralize the problem, we must force these institutions to reduce their size," Fisher said, echoing an earlier speech in April as well as sentiments voiced by other regional Fed presidents outside Washington and New York, leading financial policymakers and regulators in Europe, top economists, and former titans of Wall Street....
Richard Fisher, Top Fed Official: Too Big To Fail Lives On, Only Way Out Is To Shrink Megabanks
Shahien Nasiripour
HuffPost Reporting
huffingtonpost.com
Richard Fisher, Senior Fed Official: White House Is Dead Wrong
Simon Johnson
MIT Professor and co-author of 13 Bankers
Posted: June 6, 2010 09:35 PM
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