By Simon Johnson

Even with its key function in developing the ruinous monetary hindrance of 2008, the yankee banking has grown higher, extra ecocnomic, and extra proof against rules than ever. Anchored via six megabanks whose resources quantity to greater than 60 percentage of the country’s gross household product, this oligarchy proved it might first carry the worldwide financial system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to energy of the monetary region and forcefully argues that we needs to get a divorce the large banks if we wish to keep away from destiny monetary catastrophes.
 
Updated, with extra research of the government’s fresh try and reform the banking undefined, this can be a well timed and specialist account of our political economic system.

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Additional info for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)

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S. S. 3 Despite three government bailouts, Citigroup stock was trading below $3 per share, about 95 percent down from its peak; stock in Bank of America, which had received two bailouts, had lost 85 percent of its value. The public was furious at the recent news that American International Group, which had been rescued by commitments of up to $180 billion in taxpayer money, was paying $165 million in bonuses to executives and traders at the division that had nearly caused the company to collapse the previous September.

The government chose not to impose conditions that could reform the industry or even to replace the management of large failed banks. It chose to stick with the bankers it had. In the dark days of late 2008—when Lehman Brothers vanished, Merrill Lynch was acquired, AIG was taken over by the government, Washington Mutual and Wachovia collapsed, Goldman Sachs and Morgan Stanley fled for safety by morphing into “bank holding companies,” and Citigroup and Bank of America teetered on the edge before being bailed out—the conventional wisdom was that the financial crisis spelled the end of an era of excessive risk-taking and fabulous profits.

While this was not a foregone conclusion—the First Bank had lost its bid for a renewed charter in part because of its political weakness37—the Bank War gave a hint of the way financial power could be misused for political ends. Jefferson and Jackson did not think the government could control finance; the idea of a modern, technocratic central bank lay beyond their imagination, far in the future. Instead, they feared that powerful, privately owned financial institutions would gain disproportionate influence over the government.

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13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) by Simon Johnson


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