John Rubino reviewed what has been well documented, the Big (Too Big To Fail or Jail) Banks are having a fresh new round of trouble. Seems like their core businesses aren’t making enough to keep the lights on, which is leading to a fresh new round of massive losses and lay-offs. Deutsche Bank has taken a nearly $7 billion charge. Standard Chartered, HSBC and a host of others are laying off staff. Banks again need to raise massive capital. And now it appears they’re losing some of their political backing, which was the key to their immunity from prosecution. What’s next? Hopefully smaller banks with less power, but there’s going to be lots of pain before we get there.
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