Thursday, October 13, 2011

11 Facts You Need To Know About The Nation’s Biggest Banks

"11 Facts You Need To Know About The Nation’s Biggest Banks" appears on

To read full article please click here

Occupy armed with knowledge. Think Progress published a very informative piece about U.S. banks that everyone should read. The article includes links and facts that you never see or hear on mainstream media!

Here are some highlights:

"– Bank profits are highest since before the recession…: According to the Federal Deposit Insurance Corp., bank profits in the first quarter of this year were “the best for the industry since the $36.8 billion earned in the second quarter of 2007.” JP Morgan Chase is currently pulling in record profits.

– Banks make nearly one-third of total corporate profits: The financial sector accounts for about 30 percent of total corporate profits, which is actually down from before the financial crisis, when they made closer to 40 percent.

– The six biggest banks hold assets equal to 63 percent of the country’s GDP: In 1995, the six biggest banks in the country held assets equal to about 17 percent of the country’s Gross Domestic Product. Now their assets equal 63 percent of GDP."

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