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Four Biggest Banks in America Have Huge Leverage

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Post by tootles Mon Oct 03, 2011 9:17 am

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Four Biggest Banks In America Have Huge Leverage

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By Greg hunter’s USAWatchdog.com

I keep hammering away at the fact the Fed doled out $16 trillion in the wake of the credit crisis of 2008. This is an enormous sum that is greater than the all goods and services produced in the U.S. in a single year. Domestic banks and companies got the money, right along with foreign banks and companies. In effect, the Federal Reserve bailed out the world financial system. Now, we are right back to square one facing another financial meltdown with European banks and sovereign debt. If the Fed spent $16 trillion, why in the heck is this problem not fixed and why isn’t the world economy taking off like a rocket?” The simple answer is it wasn’t enough money.

The Bank of International Settlements pegs the total world over-the-counter (OTC) derivative exposure at around $600 trillion, but many experts say the real figure is more than twice that amount. No matter which figure you use, it is a gargantuan sum. OTC derivatives are an unregulated dark pool of money with no public market. These are basically debt bets between two entities on things such as credit risk, currencies, interest rates and commodities. According to the latest report from the Comptroller of the Currency, just four U.S. banks have an eye popping $235 trillion of OTC derivative leverage. (Click here for the complete Comptroller of the Currency report.) As a nation, U.S. banks have a total OTC derivative exposure of $250 trillion. So, the fact that just four U.S. banks have this much leverage and risk is astounding! The banks are listed below in order of size and approximate OTC exposure:

1.) JP MORGAN CHASE BANK NA OH

$78.1 trillion OTC derivatives

2.) CITIBANK NATIONAL ASSN

$56.1 trillion OTC derivatives

3.) BANK OF AMERICA NA NC

$53.15 trillion OTC derivatives

4.) GOLDMAN SACHS BANK USA NY

$47.7 trillion OTC derivatives

Considering that the total assets of these four banks are a little more than $5 trillion, I see a frightening amount of risk with a total derivative exposure of $235 trillion! This is nearly 50 to 1 leverage. On top of that, assets such as real estate or mortgage-backed securities can be held on the books at whatever value the banks think they can sell them for in the future. I call this government sanctioned accounting fraud, or mark to fantasy accounting. Who knows what the true value of the banks “assets” really are.

complete article at USA Watchdog:

usawatchdog.com/four-biggest-banks-in-america-have-huge-leverage/

My thoughts are...while we are waiting for the RV to happen, maybe we should check out solvent banks to put our money into after the RV. I know of two...1st Convenience Bank and US Bank. Are there more?
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Post by Terbo56 Mon Oct 03, 2011 9:24 am

You could possibly check out TD BANK, or RBC- I have been told they are very accomodating-Did you try 5th/3rd bank also?
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Post by tootles Mon Oct 03, 2011 10:49 am

terbo56@yahoo.com wrote:You could possibly check out TD BANK, or RBC- I have been told they are very accomodating-Did you try 5th/3rd bank also?

I don't have either on of those around here. But...I have heard good things about 5th/3rd bank. I will check out the other two and see what they are all about. We have a banking issue coming and the only way to save our money in a bank is if it is in a solvent bank. The FDIC is almost broke and they won't be able to help anyone once they crash. Thanks for the info.
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