From Community Service to Global Empire
In 1984, the top 4 US banks controlled 15% of deposits. Today? They control 44%. This is how we got here.
The Great Consolidation
Since 1990, over 10,000 banks have disappeared through mergers. What remains are financial titans larger than most countries.
Too Big to Fail
These banks receive an implicit subsidy worth $83 billion annually from taxpayer-backed guarantees. That's $83 billion in free money.
Global Dominance
ICBC's $6.3 trillion in assets exceeds the GDP of Germany, India, and the UK combined. One bank. Three major economies.
The 2008 Bailout
Taxpayers spent $498 billion (3.5% of GDP) rescuing banks that had gambled with depositors' money. The executives kept their bonuses.
Political Influence
From 1998-2016, the financial sector spent $7.4 billion on lobbying. That's $1.3 million per day buying influence in Washington.
Wealth Concentration
While banks grew larger, the bottom 50% of Americans saw their wealth share drop to just 2.6%. The system works—for some.