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