In spite of its key role in creating the ruinous financial
crisis of 2008, the American banking industry has grown bigger,
more profitable, and more resistant to regulation than ever.
Anchored by six megabanks whose assets amount to more than 60
percent of the country’s gross domestic product, this oligarchy
proved it could first hold the global economy hostage and then use
its political muscle to fight off meaningful reform. 13
Bankers brilliantly charts the rise to power of the financial
sector and forcefully argues that we must break up the big banks if
we want to avoid future financial catastrophes.
Updated, with new analysis of the government’s recent
attempt to reform the banking industry, this is a timely and expert
account of our troubled political economy.
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