Grip of giant banks on the economy stronger than ever

Systemic Disorder

“Too big to fail” banks are bigger than ever. Holding the global economy hostage, extracting profits from every aspect of human activity and remaining well above the reach of the law are simply business as usual — not to mention extremely profitable.

The six largest banks in the United States — each among the world’s largest — reported composite net income of $76 billion for 2013. Yep: $76 billion in cold cash, for only six enterprises, and that total is the profit after paying out their colossal salaries and bonuses.

Wells Fargo Plaza, HoustonTo put the total in further perspective, the six banks enjoyed a profit margin of 18.4 percent. By way of comparison, the average corporate profit margin in mid-2013 was 9.3 percent. It would seem that financiers have managed to trudge on despite suffering the critiques of people who refuse to believe that their multimillion-dollar compensation is a God-given right.

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