Big Banks Getting Bigger

Big Banks Getting Bigger

Phoenix Business Journal – by Michael Sunnucks

One of the admonitions after the 2008 Wall Street collapse and $700 billion bailout was that big banks cannot achieve “too big to fail” status.

“Never again will the American taxpayer be held hostage by a bank that is ‘too big to fail’,” said President Barack Obama in a January 2010 speech. Ironically, it was the 2008 gas price surge and Wall Street bailouts that cinched Obama’s win over U.S. Sen. John McCain, R-Ariz.

Roughly three years since that speech and five years since the bailout crisis, the biggest banks are getting bigger and the prospects continue to increase for smaller and community banks to get acquired.

Read the story at the Phoenix Business Journal.