Priceless: The unfathomable cost of too big to fail

March 13, 2013

Just how big is the benefit that too-big-to-fail banks receive from their implicit taxpayer backing? Federal Reserve Chairman Ben Bernanke debated just that question with Massachusetts senator Elizabeth Warren during a recent hearing of the Senate Banking Committee. Warren cited a Bloomberg study based on estimates from the International Monetary Fund that found the subsidy, in the form of lower borrowing costs, amounts to some $83 billion a year.

Citi solicits staff donations for its political lobby

March 29, 2012

photo

Citigroup, the third largest U.S. bank, is actively soliciting donations from its employees for its political action committee (PAC) or fundraising group. In a letter to staff obtained by Reuters, the bank stressed the importance of the upcoming presidential and Congressional elections, urging staff to give to Citi’s PAC. From the letter:

from Breakingviews:

Citi, BofA prove too big to punish harshly

February 17, 2012

By Agnes T. Crane

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.