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Originally posted by muse1111
reply to post by OptimusSubprime
I don't think it is insignificant, at all. If you take your example, and there were 10 banks, then the government could let one fail, and there would still be 9 others there to pick up the work. With the massive bank acquisitions now leaving only 4-6 major players, the fear is that if one fails there will be an economic crisis. These banks are failing because of years, upon years of corporate greed and mismanagement. Now they have built their empires so the taxpayers have to bail them out while their executives still get millions in bonuses.
Originally posted by DaveNorris
it would be interesting to see how many of these banks are run by the same individuals
State Street Corporation, or just simply State Street is a U.S. based financial services holding company. State Street was founded in 1792, and is headquartered in the Financial District area of Boston at One Lincoln Street. State Street has offices in major financial centers throughout the world.
State Street Bank and Trust Company, a custodian bank, and its sister company State Street Global Advisors (SSgA), which is a leading registered investment advisor, together comprise the principal operating companies within parent company State Street Corporation.