Born into a Big 5 investment banking family, I quit organized financial racketeering to go straight. MacDougal Irving is my Blogger Protection Identity, and I am a retired Certified Public Accountant and, like all of us, a badly misinformed investor. These are my observations on capital market cons as they were explained to me across the dinner table as a kid.
July 23, 2012
Fact No. 72
In 1990, the three largest U.S. banks held 10% of the industry's assets. By 2008, the top three controlled 40% of the assets. - 100 Mind-Blowing Facts About the Economy by Morgan Housel, The Motley Fool