Too Diffuse to Fail

Citi Bank: Not Just in NYC

Citi Bank: Not Just in NYC

Reading this piece on the banking industry’s “failure” to win a legislative battle in the House (Senate is still wide open), one other thing occurred to me about the “too big to fail banks.” Namely, they’re flipping everywhere. Matt Taibbi has written extensively on the banking industry’s infiltration of regulatory and governmental agencies, but you have to imagine the legislative climate would be a bit cooler for banks if they were largely confined to Wall Street. Instead, we have Bank of America and Wachovia in North Carolina and Wells Fargo in California, all of whom have a wide range of local branches, not to mention all the branches of New York banks flung across hundreds of Congressional districts. That’s a lot of legislators!

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