Thursday, July 31, 2014
GAO discovers the obvious
But with all those lawyers in Congress I guess it is only natural that they would want genuine, official proof of the tub of butter that the Fed provided for all those Bankster asses to land in after the 2008 financial crisis that they created.
The largest U.S. banks enjoyed lower funding costs than smaller rivals during the 2008 economic crisis although that advantage has declined or reversed in recent years, according to testimony from a government watchdog.The Big Banksters naturally declared there was no significant market advantage for them. This may be true as they had thoroughly trashed half their markets with the crash. But they were able to quickly find new ones without worry of failure or jail time.
A study by the Government Accountability Office, to be released in full later today, comes after two years of congressional and industry debate over whether large banks continue to get what has come to be known as a too-big-to-fail subsidy despite regulatory changes. Senators Sherrod Brown, a Democrat from Ohio, and David Vitter, a Louisiana Republican, requested the report in January 2013 and have scheduled a Senate Banking subcommittee hearing on it today.
The GAO study found that the largest banks receive more of a market advantage during financial turmoil than during economic boom times.
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