Recently by Robert Wenzel: Bernanke Launches an Old Testament Diss Against Ron Paul
Here they are. The Financial Stability Board has released a list of 29 banks that it considers global systemically important financial institutions (G-SIFISs) and thus considered Too Big To Fail.
The initial list of G-SIFIS:
- Belgium: Dexia
- China: Bank of China
- France: Banque Populaire, BNP Paribas, Crédit Agricole, Société Générale
- Germany: Commerzbank, Deutsche Bank
- Italy: Unicredit
- Japan: Mitsubishi, Mizuho, Sumitomo Mitsui
- Netherlands: ING
- Spain: Santander
- Sweden: Nordea
- Switzerland: Credit Suisse, UBS
- UK: Barclays, HSBC, Lloyds, Royal Bank of Scotland
- US: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street, Wells Fargo
According to the FSB, Systemically Important Financial Institutions are firms whose disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity.
Bottom line: These are the banks through which the banksters operate. Of note, apologist for TBTF bailouts, Warren Buffett holds major positions in at least three of these banks, Bank of America, Bank of New York Mellon and Wells Fargo.
Reprinted with permission from Economic Policy Journal.