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But are we really thinking about thousands of banks? Here's Martin Wolf, today:The four biggest US commercial banks - JPMorgan Chase, Citigroup, Bank of America and Wells Fargo - possess 64 per cent of the assets of US commercial banks (see chart) [chart not available online]. If creditors of these businesses cannot suffer significant losses, this is not much of a market economy.So as far as this discussion is concerned, we've got, like, four banks. The "thousands of banks" line is just a diversion.
The four biggest US commercial banks - JPMorgan Chase, Citigroup, Bank of America and Wells Fargo - possess 64 per cent of the assets of US commercial banks (see chart) [chart not available online]. If creditors of these businesses cannot suffer significant losses, this is not much of a market economy.
You know, the scale of the U.S. economy and the capital markets are so vast and the problems in terms of managing and overseeing anything of that scale, I think, would -- our assessment was that it wouldn't make sense. And we also have different traditions in this country. Obviously, Sweden has a different set of cultures in terms of how the government relates to markets and America's different. And we want to retain a strong sense of that private capital fulfilling the core -- core investment needs of this country.
Obviously, Sweden has a different set of cultures in terms of how the government relates to markets and America's different. And we want to retain a strong sense of that private capital fulfilling the core -- core investment needs of this country.
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