From the sound of things, Wachovia was another troubled bank living on the edge and barely made it. It's alarming to see that Citi - who has had their own write downs in the tens of billions - is taking on another $42 billion of bad business. Whenever this merger mania ends we need to look closely at what changes need to be made to prevent more "too big to fail" situations. Whether this means smaller banks as we had in the past or higher insurance rates paid by the banks (which means higher costs to customers, the small ones, at least), something has to change. This is not working.
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