Bank of America dethroned

[mysticaltyger]

Originally Posted by Escort Rider

According to an article on the front page of the business section of today's Los Angeles Times, Bank of America has lost its number one rank in total assets to JPMorgan Chase. "It marks the end of an era for a bank known for a near-obsessive zeal for acquisitions and growth, and the start of a new chapter in which the bank hopes to slim down to raise profitability", according to the article.

Big deal. They're losing assets to another greedy megabank. The big banks are all the same.

[mysticaltyger]

Originally Posted by CaptainHastings

Yes, if the banking industry indeed operated in a "free market", things would happen as you suggest.

However, banking industry has an "Oligopoly" where a few big banks are in control. The sole reason why other banks are not following BOA's lead is because people are shedding their apathy and taking a stand.

^^Exactly right on all counts^^^

[newonecoming2]

Originally Posted by Traeger

Let the free market rule, If they have made bad business choices then the ride down will continue.

Tell that to the plunge protection team and their presidential mandate to manipulate the market.