The folks at everyone's favorite politically connected basket case bank must be feeling left out after seeing a Washington Post piece noting the concentration of the banking industry and only mentioning the big three rather than the big four. As of March 2009, Citigroup had just under $1 trillion in risk adjusted assets according to data reported in the Federal Reserve Board's stress tests. This figure put it about 8 percent behind #3 Wells Fargo, but with more than twice the assets of Goldman Sachs, the fifth largest bank holding company by assets. For this reason, most measures of concentration usually focus on the big four, not just the three largest banks.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
