How Wall Street Turned a Crisis Into a Cartel
Today I found another interesting article How Wall Street Turned a Crisis Into a Cartel
Here is an except from it :
Almost 65 years ago, in 1947, the U.S. government sued 17 leading Wall Street investment banks, charging them with effectively colluding in violation of antitrust laws.
Today, there are far fewer than 17 firms in control of the investment-banking business. After Goldman Sachs Group Inc. (GS), Morgan Stanley, JPMorganChase & Co. (JPM), Citigroup Inc. (C), Bank of America Corp. (BAC) and Deutsche Bank AG (DBK), one is pretty much at a dead end. The investment-banking business is now both much, much bigger — in terms of revenue and profits — and much, much more concentrated than it ever was close to being in 1947.