tomot,
Who are these people you quote? If you made money off GS, or had investment from them, you'd think GS served a purpose. Also somebody knowledgeable & in power thought GS served a purpose, and, moreover, was "too big to fail". Defining what that means and the solution (like the break-up of these too-big banks) seems to be the issue. Didn't they pay back the money taxpayers gave them? Just playing devil's advocate (but never GS advocate).
We were just considering moving our accounts from Wells Fargo to a local bank as a gesture. Thinking about how we start with small banks then all our accounts, credit cards, and mortgages etc. get taken over eventually by a couple big banks (currently Chase & WFB).
Then we'll break up these big banks . Eventually they'll buy each other out and consolidate again, just like when they broke up Standard Oil and AT&T. Is it just cyclical?
Regards,
Peter