[eXpat]

Here it is, the list of financial institutions that are the backbone of the financial system

North American banks:
Goldman Sachs ,
JP Morgan Chase
Morgan Stanley
Bank of America-Merrill Lynch
Royal Bank of Canada

UK banks:
HSBC
Barclays
Royal Bank of Scotland
Standard Chartered

European banks:
UBS
Credit Suisse
Societe General
BNP Paribas
Santander
BBVA
Unicredit
Banca Intesa
Deutsche Bank
ING

Japanese banks:
Mizuho
Sumitomo Mitsui
Nomura
Mitsubishi UFJ

Insurers:
AXA
Aegon
Allianz
Aviva
Zurich
Swiss Re

http://www.reuters.com/article/ousivMolt/idUSTRE5AT0BE20091130
http://wallstreetpit.com/12505-the-financial-stability-board-lists-thirty-systemic-risk-institutions

BTW, I´m surprised City and Lloyds are not there in the list, or are they part of a grup mentioned in the list?

[eXpat]

AIG and Wells Fargo are out as well...

[IslandCrow]

On a historic (side-) note: In the UK, when I lived and worked there (that was in another millenium !!!), there was a lot of talk of the 'Big Four' banks - Barclays, Nat West, Lloyds and Midlands. I see that now one one of those has made it to the current 'Big Four'.

[turner]

On a historic (side-) note: In the UK, when I lived and worked there (that was in another millenium !!!), there was a lot of talk of the 'Big Four' banks - Barclays, Nat West, Lloyds and Midlands. I see that now one one of those has made it to the current 'Big Four'.

RBOS took over Natwest and HSBC got Midland so they are kind of represented.

[rangerone314]

If an economic entity is "too big too fail" that sounds like to me a textbook case for "anti-trust" legislation.

[Dreamtwister]

If an economic entity is "too big too fail" that sounds like to me a textbook case for "anti-trust" legislation.

Funny, to me it sounds like they have undue influence over the government and should be MADE to fail.

[rangerone314]

If an economic entity is "too big too fail" that sounds like to me a textbook case for "anti-trust" legislation.

Funny, to me it sounds like they have undue influence over the government and should be MADE to fail.

+1
Either idea will do (break them up in anti-trust, or make them fail)

[joewp]

Instead, how about we end the fractional reserve banking system and return to honest money?

The "too big to fail" banks are just a symptom of the deeper problem of dishonest fractional reserve banking, i. e. banks creating money when they make a loan. It's the root cause of corruption.

[eXpat]

Notice that all the mentioned banks are in the list
European Banks Growing Bigger ‘Sowing the Seeds’ of Next Crisis

Dec. 2 (Bloomberg) -- European banks are emerging from the credit crisis bigger than before, posing more risk to their national economies.

BNP Paribas SA, Barclays Plc and Banco Santander SA are among at least 353 European lenders that have increased in size since the beginning of 2007, according to data compiled by Bloomberg. Fifteen European banks now have assets larger than their home economies, compared with 10 lenders three years ago.

While the European Union has grabbed headlines for breaking up bailed-out banks, regulators haven’t reined in firms that shunned state aid and are too big to fail. European bank assets have grown 25 percent since the start of 2007, compared with a 20 percent increase at U.S. lenders, Bloomberg data show.

“We are sowing the seeds for the next crisis,” said David Lascelles, senior fellow at the London-based Centre for the Study of Financial Innovation, a research group. “What we have been doing in the last two years is making banks much bigger. It really goes against the currents of the time.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=aRDrzOAWRekc&pos=1

[rangerone314]

Notice that all the mentioned banks are in the list
European Banks Growing Bigger ‘Sowing the Seeds’ of Next Crisis

Dec. 2 (Bloomberg) -- European banks are emerging from the credit crisis bigger than before, posing more risk to their national economies.

Nice to know that some things never change.

(Stupid primates failing to learn from their mistakes)

So the solution for dealing with a big pile of gunpowder that will explode when a flame is too close is to add more gunpowder to make the pile bigger?

Gee, I'm so stupid. What a great idea! Why didn't I think of that?

[Keith_McClary]

So the solution for dealing with a big pile of gunpowder that will explode when a flame is too close is to add more gunpowder to make the pile bigger?

Works with forests also. Suppress any fires ignited by lightning, and your forest grows ever more lush and green.

[pablonite]

http://jalopnik.com/5417150/wall-street ... -feathered
"Andrew Ross Sorkin, author of the book "Too Big to Fail," brings us this personalized license plate belonging to Morgan Stanley Vice-Chairman Rob Kindler who thought it appropriate to make a joke of the current financial mess."

It made me smirk but I swear I didn't laugh.

[yesec9]

So the solution for dealing with a big pile of gunpowder that will explode when a flame is too close is to add more gunpowder to make the pile bigger?

Works with forests also. Suppress any fires ignited by lightning, and your forest grows ever more lush and green.

If you put out every little forest fire, which occur naturally to sweep away undergrowth, you get so much debris and undergrowth building up that when you finally do have fire it burns the whole forest down. It's the same concept with the economy. When you don't allow the economic correction to occur, the next one down the road will be worse.

[highlander]

So why don't consumers take the list and make it their

Companies to Boycott

list? I'm going to give it a try.

[eXpat]

One of the untouchable ones, and one of my favourites to go belly up is feeling the pain from Dubai.
RBS Tumbles in London Trading After Dubai’s Nakheel Posts Loss

Dec. 8 (Bloomberg) -- Royal Bank of Scotland Group Plc, the biggest underwriter of loans to Dubai World, fell to an eight-month low in London trading after Gulf developer Nakheel PJSC reported a first-half loss.

RBS fell as much as 9.7 percent and traded down 6.3 percent at 30.92 pence at 12:35 p.m., the lowest since April. The stock has dropped 17 percent in the past month, paring the Edinburgh-based lender’s market value to 17.3 billion pounds ($28 billion).

Nakheel, which is owned by Dubai World, posted a first- half loss of 13.4 billion dirhams ($3.65 billion), compared with a 2.65 billion-dirham profit in the year-earlier period, as it wrote down the value of land and property, according to a document obtained by Bloomberg News today.

“Whatever bad news comes out, it’s another reason for some to hit the shares,” said Simon Willis, an analyst at NCB Stockbrokers Ltd. in London who has a “buy” rating on the stock. The stock drop is probably related to Nakheel’s ability to restructure its debt, he added.
...

RBS was the biggest underwriter of loans to Dubai World, according to JPMorgan Chase & Co. British banks, including RBS and HSBC Holdings Plc arranged about $4.4 billion of Dubai World’s loans, according to a report by Bank of America Merrill Lynch.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aoi4VwW3hwic&pos=2

[rangerone314]

So the solution for dealing with a big pile of gunpowder that will explode when a flame is too close is to add more gunpowder to make the pile bigger?

Works with forests also. Suppress any fires ignited by lightning, and your forest grows ever more lush and green.

If you put out every little forest fire, which occur naturally to sweep away undergrowth, you get so much debris and undergrowth building up that when you finally do have fire it burns the whole forest down. It's the same concept with the economy. When you don't allow the economic correction to occur, the next one down the road will be worse.

+1

Someone got what I was getting at!

[eXpat]

More woes for the big ones (and the pockets of the taxpayers)
Royal Bank of Scotland to announce £7 billion loss for 2009

Royal Bank of Scotland is on the verge of announcing a loss of £7 billion for 2009 while at the same time looking for Treasury approval regarding a £1.3 billion bonus pot which will be paid to the company's investment bankers. The company, despite being 84% owned by UK taxpayers, appears determined to push through these massive bonus payments at a time when public anger is mounting at the ever growing national debt and consumer debt in the country.

Over the last few weeks we have seen some "softer" headlines regarding Royal Bank of Scotland with a suggestion the company would scale back future staff payments to below the sector average. However, at the same time we hear that the company is determined to push through a £1.3 billion bonus pot for despite losses of £7 billion. The everyday person in the street will find it difficult to appreciate how you can pay a bonus to staff at a company which lost £7 billion in 2009, nearly went under and is effectively controlled by UK taxpayers.

Even some hard-nosed financiers in the city find it difficult to appreciate that a company effectively saved by the taxpayer can still look to pay bonuses as if it were back in the boom times.

http://www.financialadvice.co.uk/news/5/investments/13677/Royal-Bank-of-Scotland-to-announce-7-billion-loss-for-2009.html